For the First Time in Nearly Two Years, There’s No Major American Metro Where Home Prices Are Falling
With inventory below typical April levels, home prices are being driven up while mortgage rates, still on the rise, are taking a hit to affordability. Adittionally, at the conclusion of the Fed’s April meeting, it is confirmed that mortgage rates are likely to hold steady for the foreseeable future.
According to Redfin, The median home-sale price rose from a year earlier or stayed the same in all 50 of the most populous U.S. metros during the four weeks ending April 28, the first time that has happened since July 2022. Nationwide, the median sale price rose to a near-record $383,188, up 4.8% year over year. Mortgage rates also continued climbing, with the weekly average hitting its highest level in five months. High prices and rates drove the median monthly housing payment to a record $2,890, up 15% year over year.
Home-price increases were driven by affluent metros and a pair of more affordable places: Anaheim, CA, where prices rose over 20% year over year, took the top spot. It’s followed by Detroit (14.9%), San Jose, CA (13.6%), West Palm Beach, FL (13.4%) and New Brunswick, NJ (12.8%). The metros with the smallest price increases were in Texas and Florida: Dallas (unchanged), Austin (0.3%), San Antonio (0.6%), Fort Worth (1.9%), and Tampa (2.2%).
