A metro area\u2019s median price surpassed $2 million (San Jose, Calif.) for the first time since NAR began tracking metro area single-family home prices in 1979.<\/i><\/p>\n
Key Highlights<\/u><\/b><\/p>\n WASHINGTON, D.C.\u2014Almost 90% of metro markets (199 out of 223, or 89%) recorded home price gains in the second quarter of 2024, as the 30-year fixed mortgage rate ranged from 6.82% to 7.22%, according to the National Association of Realtors\u00ae<\/sup>\u2019 latest quarterly report. Thirteen percent of the 223 tracked metro areas experienced double-digit price gains over the same period, down from 30% in the first quarter. The median single-family existing home price for the San Jose, California metro area was $2,008,000 \u2013 it\u2019s the first time since NAR began tracking metro area single-family home prices in 1979 that a metro area\u2019s median price exceeded $2 million.<\/p>\n \u201cThe record-high home prices in most metro markets bring good and bad news,\u201d said NAR Chief Economist Lawrence Yun. \u201cIt\u2019s terrific news for homeowners who are moving ahead in wealth gains. However, it\u2019s difficult for those wanting to buy a home as the required income to qualify has roughly doubled from just a few years ago.\u201d<\/p>\n Compared to one year ago, the national median single-family existing-home price grew 4.9% to $422,100. In the previous quarter, the year-over-year national median price increased 5%.<\/p>\n Among the major U.S. regions, the South registered the largest share of single-family existing-home sales (45.5%) in the second quarter, with year-over-year price appreciation of 2.3%. Prices also bounced 9.8% in the Northeast, 5.5% in the Midwest and 5.4% in the West.<\/p>\n The top 10 metro areas with the largest year-over-year median price increases, which can be influenced by the types of homes sold during the quarter, all posted gains of at least 14.1%. Five of the markets were in the Northeast. Overall, those markets were Racine, Wis. (19.8%); Glens Falls, N.Y. (19.8%); El Paso, Texas (19.2%); Morristown, Tenn. (16.7%); Manchester-Nashua, N.H. (16.2%); Anaheim-Santa Ana-Irvine, Calif. (15.0%); New York-Jersey City-White Plains, N.Y.-N.J. (14.8%); Springfield, Ill. (14.8%); Dutchess County-Putnam County, N.Y. (14.2%); and Trenton, N.J. (14.1%).<\/p>\n Seven of the top 10 most expensive markets in the U.S. were in California. Overall, those markets were San Jose-Sunnyvale-Santa Clara, Calif. ($2,008,000; 11.6%); San Francisco-Oakland-Hayward, Calif. ($1,449,000; 8.5%); Anaheim-Santa Ana-Irvine, Calif. ($1,437,500; 15%); Urban Honolulu, Hawaii ($1,101,500; 3.8%); San Diego-Carlsbad, Calif. ($1,050,000; 11.4%); Salinas, Calif. ($1,035,700; 13.1%); Oxnard-Thousand Oaks-Ventura, Calif. ($927,900; 2.5%); San Luis Obispo-Paso Robles, Calif. ($895,300; 0.5%); Boulder, Colo. ($888,300; 2%); and Naples-Immokalee-Marco Island, Fla. ($867,000; 2%).<\/p>\n Nearly 10% of markets (22 of 223) experienced home price declines in the second quarter, up from 7% in the first quarter.<\/p>\n \u201cPreviously fast-gaining markets\u00a0took a breather in the past quarter, including Nashville, Durham, Austin, and several Florida metro areas,\u201d Yun said. \u201cConversely, some markets that experienced declines last year have roared back, such as San Francisco, Anaheim, and New York.\u201d<\/p>\n\n