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The National Association of REALTORS®’ (NAR) latest quarterly report shows that single-family existing-home sales prices climbed in 87% of measured metro areas (196 out of 226) in the third quarter of 2024 as mortgage rates continued to trend lower, with the 30-year fixed mortgage rate ranging from 6.08% to 6.95%. This is down from 89% in the previous quarter. According to the report, the national median single-family existing-home price clocked in at $418,700—growing 3.1% from one year ago.
With nearly 90% of metro areas posting home price increases in the third quarter, NAR’s report revealed that 15 markets (7%) experienced double-digit annual price appreciation—a 13% decline from the previous quarter.
“Home prices remain on solid ground as reflected by the vast number of markets experiencing gains,” said NAR Chief Economist Lawrence Yun. “A typical homeowner accumulated $147,000 in housing wealth in the last five years. Even with the rapid price appreciation over the last few years, the likelihood of a market crash is minimal. Distressed property sales and the number of people defaulting on mortgage payments are both at historic lows.”