Home Prices Appreciate for 70% of Metro Areas in the First Quarter of 2022

The first quarter of 2022 saw more markets reach double-digit annual price gains than the previous quarter, according to the National Association of REALTORS®’ latest quarterly report. Seventy percent of 185 measured metros experienced price gains, even amid rising mortgage rates and declining home sales.

Median sales prices increased quickly as well. The median price of single-family existing homes rose at a pace of 15.7%, to $368,200. In the previous quarter, the median sales price was 14.3%.

However, Dr. Lawrence Yun predicts that appreciation will slow in the coming months due to low inventory and that affordability will take a hit due to rising mortgage rates.

Check out the full quarterly report here.