Out of 185 metro areas, 70% recorded double-digit median home price gains in the first quarter of 2022, the National Association of Realtors reported. That percentage is up from 66% of metro areas with double-digit gains in the fourth quarter of 2021.
The median sales price of single-family existing homes surged 15.7% to $368,200 during the quarter.
“Prices throughout the country have surged for the better part of two years, including in the first quarter of 2022,” stated NAR Chief Economist Lawrence Yun. “Given the extremely low inventory, we’re unlikely to see price declines, but appreciation should slow in the coming months.”
Home price appreciation in the South jumped 20.1% in the first quarter of 2022, while the Northeast, Midwest and West recorded gains of 6.7%, 8.5% and 5.9%, respectively.
The top three areas with the highest year-over-year price gains included Punta Gorda, Fla., (34.4%), Ocala, Fla., (33.8%) and Ogden-Clearfield, Utah (30.8%).
The full NAR report can be found here.
