Almost 60% of metro markets (128 out of 221) registered home price gains in the second quarter of 2023 as 30-year fixed mortgage rates oscillated between 6.28% and 6.71%, according to the National Association of Realtors®’ latest quarterly report. Five percent of the 221 tracked metro areas registered double-digit price increases over the same period, down from seven percent in the first quarter. “Home sales were down due to higher mortgage rates and limited inventory,” said NAR Chief Economist Lawrence Yun. “Affordability challenges are easing due to moderating and, in some cases, falling home prices, while the number of jobs and incomes are increasing.”
Compared to a year ago, the national median single-family existing-home price dipped 2.4% to $402,600. In the prior quarter, the year-over-year national median price decreased 0.2%. “Just like the weather, large local market variations exist despite the minor change in the national home price,”…