More than 90% of metro markets posted home price gains during the first quarter, according to the National Association of Realtors (NAR).
Home price increased were recorded in 205 of the 221 markets (93%) tracked by NAR and 30% of the tracked metros experienced double-digit price gains, up from 15% in the fourth quarter of 2023. The national median single-family existing-home price in the first quarter climbed 5% year-over-year to $389,400 – in comparison, the year-over-year national median price increased 3.4% in the previous quarter. Eight of the top 10 most expensive markets in the U.S. were in California.
A family needed a qualifying income of at least $100,000 to afford a 10% down payment mortgage in 40.7% of markets, down from 47.1% in the previous quarter. At the same time, a family needed a qualifying income of less than $50,000 to afford a home in 4.5% of markets, up from 2.3% in the prior quarter.
NAR Chief Economist Lawrence Yun attributed the price spikes to “insufficient housing supply not meeting the full demand.”
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