Home Prices Rise in Seven of 10 Metro Areas in First Quarter, NAR Report Shows 

Originally published on May 9, 2023, by Troy Green for the National Association of Realtors.

Nearly seven out of 10 metro markets registered home price gains in the first quarter as 30-year fixed mortgage rates fluctuated between 6.1% and 6.7%, according to the National Association of REALTORS®' latest quarterly report. Seven percent of the 221 tracked metro areas registered double-digit price increases over the same period, down from 18% in the fourth quarter of 2022.

Compared to a year ago, the national median single-family existing-home price decreased by 0.2% to $371,200. In the previous quarter, the year-over-year national median price increased 4.0%.

Among the major U.S. regions, the South saw the largest share of single-family existing-home sales (46%) in the first quarter, with year-over-year price appreciation of 1.4%. Prices climbed 2.9% in the Midwest yet slipped 0.1% in the Northeast and 5.3% in the West.

"Generally speaking, home prices are lower in expensive markets and higher in affordable markets, implying greater mortgage rate sensitivity for high-priced homes," said NAR Chief Economist Lawrence Yun.

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