Home prices were up 77% of metro markets (176 out of 230) during the third quarter, up from 75% in the second quarter.
According to new data from the National Association of Realtors, 4% of metro areas recorded double-digit price gains in the third quarter, down slightly from 5% in the second quarter.
The national median single-family existing home price grew 1.7% year-over-year to $426,800, unchanged from the second quarter. On a regional basis, the median existing single-family home price was $540,100 in the Northeast (+6.0%), $331,100 in the Midwest (+4.2%), $372,800 in the South (+0.5%), and $633,900 in the West (-0.1%).
Eight of the 10 most expensive markets were in California, led by the San Jose-Sunnyvale-Santa Clara metro at $1.9 million, up by 0.8% from one year earlier.
“Home sales have struggled to gain traction, but prices continue to rise, contributing to record-high housing wealth,” said NAR Chief Economist Lawrence Yun. “Markets in the supply-constrained Northeast and the more affordable Midwest have generally seen stronger price appreciation. Price declines are occurring mainly in southern states, where there has been robust new home construction in recent years. Given the region’s faster job growth, these price drops should be viewed as temporary and as a second-chance opportunity for those previously priced out of the market.”
