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Approximately 90% of metro markets (196 out of 226, or 87%) registered home price gains in the third quarter of 2024, as the 30-year fixed mortgage rate ranged from 6.08% to 6.95%. Seven percent of the 226 tracked metro areas recorded double-digit price gains over the same period, down from 13% in the second quarter.
The next quarterly Metropolitan Median Area Prices and Affordability and Housing Affordability Index release will be Thursday, February 6, 2025, at 10 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 Employmentpdf 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.
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