Single-family existing-home sales prices rose in 89% of measured metro markets in the second quarter of 2024, according to the National Association of Realtors quarterly report.
The home price gains are down from 93% in the first quarter.
According to NAR, of the 223 tracked metro areas, 13% experienced double-digit price gains in the second quarter, compared to 30% in the first quarter.
Among the major regions, the South registered a year-over-year price appreciation of 2.3%, while the Northeast saw prices increase 9.8%. Prices went up 5.5% in the Midwest and 5.4% in the West.
The national median single-family existing-home price was $422,100 in the second quarter—up 4.9% from last year.
The median single-family existing-home price for the San Jose, Calif., metro area was $2,008,000. This is the first time a metro area's median price exceeded $2 million since NAR began tracking metro area single-family home prices in 1979.
"The record-high home prices in most metro markets bring good and bad news," NAR Chief Economist Lawrence Yun said in a statement. "It's terrific news for homeowners who are moving ahead in wealth gains. However, it's difficult for those wanting to buy a home as the required income to qualify has roughly doubled from just a few years ago."
Read the full quarterly report here.
