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Prices for single-family homes rose in 83% of measured metro areas, an analysis by the National Association of REALTORS® found. Though this is a drop from 89% the quarter prior, it highlights that buying a house continues to remain out of reach for some.
The national median single-family existing-home price grew 3.4% from a year ago to $402,300, NAR's data shows. In tandem, monthly mortgage payments on properties with a 20% down payment increased by 4.1% to $2,120. "Most metro markets continue to set new record highs for home prices," said Lawrence Yun, NAR's chief economist, in a statement. "In the first quarter, the Northeast performed best in both sales and price gains by percentage. Despite the stronger job additions, the South lagged with declining sales and virtually no price appreciation," he added.