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Most U.S. housing market saw home prices rise in Q1 2024. (92.3%)

Most U.S. housing market saw home prices rise in Q1 2024. (92.3%)

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housing Market

The National Association of REALTORS® recently released its report on the housing market for the first quarter of 2024. Here’s a quick breakdown of the key trends:

Price Growth Continues, But Slows Down

Good news for sellers: Home prices held steady in the first quarter, rising 5% year-over-year to a national median of $389,400. However, the pace of growth slowed down compared to the previous quarter.

Double-Digit Gains in Many Areas

While the national average shows a moderate increase, some areas experienced significant price surges. Notably, over 28% of metro areas saw double-digit home price increases compared to the same period last year.

Affordability Concerns Rise

While incomes continue to rise slowly, rising mortgage rates (up to 6.83%) and higher down payment requirements are impacting affordability. Qualifying income needed for a mortgage dropped compared to the previous quarter.

Understanding Affordability of Housing Market by Region

The qualifying income needed for a mortgage varies depending on the down payment and regional location. The West boasts the highest qualifying income requirements, while the Midwest offers the most affordable options. Knowing these figures can help potential buyers determine which areas fit their budget.

Considering the Numbers: A Look at Key Areas

The report also delves deeper into specific regions, providing details on:

  • Top 5 metro areas with the fastest price growth

  • Bottom 5 metro areas with the slowest price growth

  • Most expensive and least expensive metro areas overall

This information empowers potential buyers to target their search and understand affordability variations across the country.