More than 85 percent of metro markets (189 out of 221) registered home price increases in the fourth quarter of 2023 as the 30-year fixed mortgage rate dropped from 7.79 percent to 6.61 percent, according to the National Association of Realtors’ latest quarterly report. Fifteen percent of the 221 tracked metro areas experienced double-digit price gains over the same period, up from 11 percent in the third quarter.
“Homeowners have benefited from housing wealth accumulation. However, many homebuyers have been shocked at high housing costs, with a typical monthly mortgage payment rising from $1,000 three years ago to more than $2,000 last year,” said Lawrence Yun, NAR chief economist. “This doubling in housing costs for recent home buyers is not included in the official consumer price index inflation calculations and contributes to the sense of Please log in to see the rest of this story.
