From GlobeNewswire: 2024-11-07 10:00:00

In the third quarter of 2024, 90% of metro markets saw home price gains, with the national median single-family existing-home price rising 3.1% to $418,700. The South had the largest share of sales at 45.1%. Housing affordability improved slightly, with the monthly mortgage payment on a typical home with 20% down decreasing to $2,137. First-time buyers also saw better affordability conditions. Nearly 13% of markets experienced price declines, and the top 10 metro areas with the largest price increases included Racine, WI, and Youngstown, OH. Eight of the most expensive markets were in California. The National Association of Realtors uses OMB definitions for Metropolitan Statistical Areas (MSAs), but exact matches are not always possible due to data limitations. The list of counties included in MSA definitions can be found at the provided link. Regional median home prices are based on a separate sampling that includes rural areas and parts of smaller metros not covered in the report. Quarter-to-quarter comparisons may not account for seasonal changes in buying patterns, so valid comparisons are made year-over-year. Distressed sales and changes in the sales mix can impact median price measurements. NAR has been tracking metro area home prices since 1979 and condo prices since 1989. The seasonally adjusted annual rate for a quarter reflects what total sales for a year would be if that pace was maintained. Total home sales include single-family homes, townhomes, condos, and co-ops.



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