The country’s urbanized areas witnessed a marked nearly 15% increase in home sale prices during the final quarter of last year, according to a new report just issued by the National Association of Realtors.
That increase means that the median sales price came in at just under $362,000, representing a continued upward trend that has been underway since 2020.
The survey, Metropolitan Median Area Prices and Affordability, indicates that home sale prices were up in all regions of the country, with the South seeing the greatest growth at just under 18%.
The increases were less dramatic, but strong nonetheless, in the Midwest with an 8.6% gain and the West at 7.7%. The slowest growth was recorded in the states of the Northeast at 6.8%.
In a statement, Lawrence Yun, chief economist with the NAR, noted that “Homebuyers in the last quarter saw little relief as home prices continued to climb, albeit not as fast as earlier in the year.”
Yun added that the nationwide increase in home prices are “indicative of a seller’s market, with an abundance of eager buyers and very limited supply.”
Among the largest gainers was the Phoenix metro area with a 25.7% increase; metro Tucson, at 24.9%; metro Las Vegas, Nevada, at 24.7%; and Salt Lake City, at 24.4%.
Meanwhile, of the 10 most expensive markets in the U.S., eight were located in the West, including metro Boulder, Colorado with an average price of $775,100.
The NAR report additionally noted that in 20 markets where the average home sales price ranged from $500,000 to $1.6 million, around $100,000 was needed for a down payment on a home. But in 81 markets with a sales price average of around $267,000, the down payment stood at under $50,000.
By Garry Boulard
