From GlobeNewswire:

Single-family existing-home sales prices saw 86% metro areas with increases, up from 82% the previous quarter. The national median single-family existing-home price rose 3.5% to $391,700, with a typical monthly mortgage payment of $2,163, up 10% from a year ago. Over 85% of metro markets registered home price increases in Q4 of 2023. The South posted the largest share of single-family existing-home sales (45%), with year-over-year price appreciation of 3.2%. Less than one-fifth of markets (14%) experienced home price declines in the fourth quarter.

Key News:
– Single-family existing-home sales prices climbed in 86% of measured metro areas in the fourth quarter, up from 82% in the previous quarter.
– National median single-family existing-home price rose 3.5% from a year ago to $391,700.
– The monthly mortgage payment on a typical, existing single-family home with a 20% down payment was $2,163, up 10% from a year ago.

NAR Chief Economist Lawrence Yun said, “Homeowners have benefited from housing wealth accumulation. However, many homebuyers have been shocked at high housing costs, with a typical monthly mortgage payment rising from $1,000 three years ago to more than $2,000 last year.” He added, “Sales were restrained due to limited inventory. But increased homebuilding, along with lower mortgage rates, will not only improve housing affordability but also help bring more homes onto the market in 2024.” The top 10 metro areas with the largest year-over-year median price increases all recorded gains of at least 14.8%. Eight of the top 10 most expensive markets in the U.S. were in California.

The National Association of Realtors® is America’s largest trade association, representing more than 1.5 million members involved in all aspects of the residential and commercial real estate industries.



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