The national median single-family existing-home price was $410,100 as of the end of the fourth quarter, an increase of 4.8% compared with the fourth quarter of 2023, according to the National Association of Realtors (NAR).
That is up significantly from the end of the third quarter when the annual gain was 3.2%.
Regionally, and year-over-year, existing-home prices in the fourth quarter were up 2.1% in the South, 10.6% in the Northeast, 8.0% in the Midwest and 4.0% in the West.
Fourteen percent of the 226 tracked metro areas posted double-digit price gains, up from 7% in the third quarter.
”Record-high home prices and the accompanying housing wealth gains are definitely good news for property owners,” says Lawrence Yun, chief economist for NAR, in a statement. “However, renters who are looking to transition into homeownership face significant hurdles.”
In the past five years, from 2019 to 2024, the median home price rose by 49.9%, according to NAR’s data.
Housing affordability marginally improved in the fourth quarter. The monthly mortgage payment on a typical existing single-family home with a 20% down payment was $2,124, down 0.8% from the third quarter ($2,141) and down 1.7% – or $37 – from one year ago.
Almost 11% of markets (24 of 226) experienced home price declines in the fourth quarter, down from 13% in the third quarter.
“While recognizing many workers may not have the option to relocate, those who can or are willing to move may find more affordable conditions, especially given the wide variance in home prices nationwide,” Yun says.
Photo: Julien Maculan