Home prices increased in 93% of metro areas, national median price reached $389,400

From GlobeNewswire: 2024-05-08 07:00:00

Single-family existing-home sales prices increased in 93% of metro areas in the first quarter, with the national median price reaching $389,400, a 5% increase from a year ago. Sixty-three markets saw double-digit price appreciation. The monthly mortgage payment for a typical existing single-family home was $2,037, up 9.3% from last year. Housing affordability improved due to declining mortgage rates. First-time buyers faced limited inventory and rising prices, with the average monthly mortgage payment for a starter home at $1,998. In 40.7% of markets, a qualifying income of $100,000 was needed to afford a 10% down payment mortgage.



Read more at GlobeNewswire: More Than 90% of Metro Areas Recorded Home Price Increases