Farmington, New Mexico rates as the number one metro area with the largest year-over-year home price increases, according to a new survey just released by the National Association of Realtors.
According to the group’s latest quarterly report, the northwestern New Mexico city saw a 20.3% gain in home prices between the end of 2021 and the final quarter of last year.
Only one other Western city made the top ten list: El Paso, with a growth rate of 15.2%. Four other cities were located in Florida; three in North Carolina; and one in Wisconsin.
Overall, according to the NAR report, single-family home sales were up by some 4% on average in 166 out of 186 metro areas surveyed, comprising an average home sale price of $378,700.
In crunching the numbers, Lawrence Yun, chief economist with the NAR, remarked that a “slowdown in home prices is underway and welcomed, particularly as the typical home price has risen 42% in the past three years.”
Yun added that “far fewer metro markets experienced double-digit price gains in the latest quarter.”
In a separate listing, half of the top ten most expensive markets in the country were located in California, with average prices ranging from $829,100 to $1.5 million. Boulder, Colorado placed eighth on the list with an average home price figure of $759,500.
Although only one in ten markets in late 2022 saw home price declines, Yun predicted that a “few markets may see double-digit price drops, especially some of the more expensive parts of the country which have also seen weaker employment and higher instances of residents moving to other areas.”
By Garry Boulard
