Sales prices for single-family existing homes increased in 70% of metro areas in the first quarter of 2023, according to the National Association of Realtors.
The national median single family existing home price, meanwhile, declined 0.2% compared with the same period last year to $371,200.
“Generally speaking, home prices are lower in expensive markets and higher in affordable markets, implying greater mortgage rate sensitivity for high-priced homes,” NAR Chief Economist Lawrence Yun said in a statement.
Regionally, the South saw the largest share of single-family existing-home sales (46%) in the first quarter, with year-over-year price gain of 1.4%. Home prices increased 2.9% in the Midwest and declined 0.1% in the Northeast and 5.3% in the West, according to NAR.
The full NAR report can be found here.
