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More than 85% of metro markets (189 out of 221) registered home price increases in the fourth quarter of 2023 as the 30-year fixed mortgage rate dropped from 7.79% to 6.61%. Fifteen percent of the 221 tracked metro areas experienced double-digit price gains over the same period, up from 11% in the third quarter.

Read the press release.

The next quarterly Metropolitan Median Area Prices and Affordability and Housing Affordability Index release will be Wednesday, May 8, 2024, at 10:00 a.m. Eastern Time.

NAR’s quarterly Metropolitan Median Area Prices and Affordability report provides a breakdown of condo and co-op prices by metro market.

Metro Area Construction and Employment

NAR measured the amount of new home construction relative to the number of newly employed workers in 146 metropolitan statistical areas1 (MSAs) throughout the U.S. to determine whether homebuilding has kept up with the steadily improving pace of job growth in the past three years2. The findings reveal that homebuilding activity for all housing types is underperforming in roughly two-thirds of measured metro areas.

Metro Area Construction and Employment table for printing (PDF: 102 KB)

1 Areas are generally metropolitan statistical areas as defined by the U.S. Office of Management and Budget. NAR adheres to the OMB definitions, although in some areas an exact match is not possible from the available data.

2 NAR’s study analyzed homebuilding permits and employment data during the years of 2012 through 2014.

Metro Area Median Price Index data are provided by NAR solely for use as a reference. No part of the data may be reproduced, stored in a retrieval system, transmitted or redistributed in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without NAR's prior written consent for those who are not members of NAR.

Pricing Data

Citation guidelines for NAR research and statistics

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Single Family

Condo

Condo 4th Quarter 2023 (PDF: 41 KB)

Qualifying Income

Historical Information

Historical data can be purchased in the REALTOR® Store.

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Metro Areas With Top Price Gains in 2022 Q4

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Seven of the 10 metro areas with the largest percent gains in existing single-family home price in 2022 Q4 were in Florida and North/South Carolina.

Housing Affordability Index

The Housing Affordability Index measures whether or not a typical family earns enough income to qualify for a mortgage loan on a typical home.