Home prices rose in 82% of metro areas—182 of 221—in the third quarter of 2023, according to an analysis by the National Association of Realtors. The number was up from 58% of metro areas reporting home price increases in the second quarter of 2023.
The national median single family existing home price grew to $406,900, a 2.2% bump year-over-year.
“Homeowners have accumulated sizable wealth, with a typical homeowner gaining more than $100,000 in overall net worth since 2019 and before the height of the pandemic,” NAR Chief Economist Lawrence Yun stated. “However, the persistent lack of available homes on the market will make the dream of homeownership increasingly difficult for younger adults unless housing supply is significantly boosted.”
The full NAR report can be found here.
