Source: USA Today —
Even as mortgage rates doubled since the start of the year, home prices grew in nine out of 10 metro markets in the fourth quarter of 2022, according to the National Association of Realtors’ latest quarterly report.
Eighteen percent of the 186 tracked metro areas registered double-digit price increases over the same period, down from 46% in the third quarter of 2022.
Compared with a year ago, the national median single-family existing-home price rose 4% to $378,700. Year-over-year price appreciation decelerated when compared to the previous quarter’s 8.6%. However, the U.S. single-family existing homes prices dropped 8% when compared to the second quarter of this year, when it stood at $412, 700.
Yun also noted that housing-cost increases have far surpassed wage increases and consumer price inflation of 15% and 14%, respectively, since 2019.
How bad is the housing affordability crisis?
