Existing single-family home prices continued to rise in 189 out of 228 U.S. metro areas in the first quarter, with some areas reporting double-digit gains, according to the latest report from the National Association of Realtors (NAR).
The May 8 report shows home price gains in 83 percent of metro areas, a slight decline from 89 percent in the fourth quarter of 2024.
Home prices saw double-digit increases in 11 percent of metro areas, down from 14 percent in the previous quarter. The national median sales price of existing homes rose 3.4 percent from this time last year, to $402,300.
“Most metro markets continue to set new record highs for home prices,” said NAR chief economist Lawrence Yun in the report. “In the first quarter, the Northeast performed best in both sales and price gains by percentage.”…