More than 80% of metro markets (189 out of 228, or 83%) registered home price gains in the first quarter, down from 89% in the fourth quarter, as per the National Association of Realtors’ (NAR) latest quarterly home price report.
Twenty-six markets (11%) experienced double-digit annual price appreciation – down from 14% in the previous quarter, according to the report.
The monthly mortgage payment on a typical, existing single-family home with a 20% down payment was $2,120, up 4.1% from one year ago.
The 30-year fixed mortgage rate ranged from 6.63% to 7.04% during the quarter, according to association’s data.
“Most metro markets continue to set new record highs for home prices,” says Lawrence Yun, chief economist for NAR, in a statement. “In the first quarter, the Northeast performed best in both sales and price gains by percentage. Despite the stronger job additions, the South lagged with declining sales and virtually no price appreciation.”
Compared to one year ago, the national median single-family existing-home price grew 3.4% to $402,300.
In the prior quarter, the year-over-year national median price increased 4.8%.
Regionally, and year-over-year, home prices increased 10.3% in the Northeast, 5.2% in the Midwest, 4.1% in the West, and 1.3% in the South.
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