Home prices continued to increase in the third quarter of 2024, with approximately 90% of all U.S. metros seeing price growth, according to the National Association of Realtors (NAR). Despite this trend, growth has slowed compared to previous quarters. Approximately 7% of housing markets had double-digit price gains last quarter, down from 13% in Q2 2024. Additionally, the national median price for single-family homes rose 3.1% from a year ago to $418,700, a slower growth rate than the 4.9% increase in the previous quarter.
The metro areas with the largest year-over-year median price increases all experienced gains of at least 10.6%. These markets include Racine, Wis., which saw a 13.7% increase; Youngstown, Ohio, which saw a 13.1% increase; and Syracuse, N.Y., which recorded a 13% increase, among others.
“Home prices remain on solid ground as reflected by the vast number of markets experiencing gains,” said NAR Chief Economist Lawrence Yun. “A typical homeowner accumulated $147,000 in housing wealth in the last five years. Even with the rapid price appreciation over the last few years, the likelihood of a market crash is minimal. Distressed property sales and the number of people defaulting on mortgage payments are both at historic lows.” Read more
