Single-Family Existing-Home Sales Prices Rise in 93% of Metro Areas

Single-family existing-home sales prices rose in 93% of metro areas—205 of 221—in the first quarter of 2024, up from 86% in the prior quarter, according to the National Association of Realtors.

The national median single-family existing-home price was $389,400, 5% above the price one year ago. The 30-year fixed mortgage rate ranged from 6.60% to 6.94%.

“Astonishingly, greater than 90% of the country’s metro areas experienced home price growth despite facing the highest mortgage rates in two decades,” said NAR Chief Economist Lawrence Yun. “In the current market, rising prices are the direct result of insufficient housing supply not meeting the full demand.”

The South had the largest share of single-family existing-home sales (46%) in the first quarter and year-over-year price appreciation of 3.3%. Prices increased 11% in the Northeast, 7.4% in the Midwest and 7.3% in the West.

The monthly mortgage payment on a typical, existing single-family home with a 20% down payment was $2,037, up 9.3% from one year ago.

The full report from NAR can be found here.