Lawrence Yun, chief economist of the National Association, reports that home prices are rising in 93% of major metro areas, attributed to insufficient housing supply.
(Credit: Moneycontrol)
Home Prices Increase: According to a National Association of Realtors report, home prices are rising once more after declining for the second half of 2023, with gains reported so far in 2024 by 93% of all major metro areas.
The chief economist of the National Association of Realtors, Lawrence Yun, attributes the price increase mostly to pent-up demand for homes. “Rising prices in the current market are the direct result of insufficient housing supply not meeting the full demand,” Yun says.
In April, existing single-family home prices in the United States increased 5% year over year, having dropped by 2.86% year over year in April 2023. NAR sales statistics shows that the median price of a home is currently $389,400.
Florida’ Gas Prices Rise by 2 Cents, Discover the Cheapest Places for Gas in Florida
A further factor in the impressive recovery in 2024 has been the decline in 30-year fixed mortgage rates from their peak of 7.79% in November 2023 to closer to 6.6%.
Looking at metropolitan areas – which can include several cities – we see some regions jumping 20% or more year-over-year.
| Rank | Metro Area | YOY Increase |
| 1. | Fond du Lac, Wis. | 23.7% |
| 2. | Kankakee, Ill. | 22.0% |
| 3. | Rockford, Ill. | 20.1% |
| 4. | Champaign-Urbana, Ill. | 20.0% |
| 5. | Johnson City, Tenn. | 19.3% |
| 6. | Racine, Wis. | 19.0% |
| 7. | Newark, N.J.-Pa. | 18.8% |
| 8. | Bloomington, Ill. | 18.5% |
| 9. | New York-Jersey City-White Plains, N.Y.-N.J. | 18.4% |
| 10. | Cumberland, Md.-W.Va. | 18.2% |
Eight of the ten most expensive housing markets were in California, with San Jose-Sunnyvale-Santa Clara, Calif. ($1,840,000; 13.7%), Anaheim-Santa Ana-Irvine, Calif. ($1,365,000; 14.2%), and San Francisco-Oakland-Hayward, Calif. ($1,300,000; 14%) leading the way.
Home Sales down in the US due to Prices and Interest Rates: Will it continue to rise in 2024?
“The pricey West markets are roaring back after declining home prices last year,” Yun said. Many purchasers saw price declines in that area as second chances.
Naples-Immokalee-Marco Island, Fla. ($850,000; 9.4%) and Urban Honolulu, Hawaii ($1,085,800; 5.5%) were the two non-California markets in the top 10.
When the announcement is made, the increment will be considered from January 1, 2026
US rents are cooling after years of sharp rise. In 2024, over 600,000 new homes…
Along with this, the 15-year FRM also saw a decrease to about 5.44%.
Verizon has started sending $100 million settlement payments to customers hit by extra charges. Eligible…
Many New Yorkers are facing problems depositing their $400 inflation refund checks. While some banks…
Starting January 1, 2026 thousands of low-income Americans will automatically receive $250 energy assistance checks…