All Metro Areas See Home Prices Rise in Q4 2020

All metro areas reported home price increases in the fourth quarter of 2020, according to the National Association of Realtors. 

Double-digit home price increases were recorded in 161—or 88%—of metro areas.

“The fourth quarter of 2020 presented circumstances ripe for home price increases,” stated Lawrence Yun, NAR chief economist. “Mortgage rates reached record lows, thereby driving up the demand. At the same time, inventory levels also reached record lows, leading to grim inventory conditions of insufficient supply in the fourth quarter.”

The top three highest price gains were recorded in Bridgeport, Conn. (39.2%), Pittsfield, Mass. (32.2%), and Atlantic City, N.J. (30.0%).

The national median existing single-family home price surged 14.9% year-over-year to $315,900.

The full NAR report can be found here.