Single-Family Home Prices Rose in Q2 2023

National median prices fell 2.4% year-over-year to $402,600 during the second quarter of 2023, but rose by 8.5% compared with the previous quarter. A total of 128 metro areas saw year-over-year price increases in Q2 2023, including Fond Du Lac, Wis., New Bern, N.C., and Duluth, Minn.-Wis., according to the National Association of Realtors.

Monthly mortgage payments on a single-family home also increased during the second quarter to $2,051 compared with $1,837 one year ago.

Qualifying median family income rose to $98,429 compared to the first quarter of 2023, which was $89,486 but was $88,200 a year ago. The effective 30-year fixed mortgage rate increased to 6.57% in the second quarter of 2023 compared to 5.32% one year ago. Median family incomes rose to $91,270 in the second quarter of 2023 compared to $87,181 a year ago.

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