House prices rise in almost 90% of the subways in Q4 2024
He top-five metro lines for annual median price profits in Q4 2024 were Jackson, Mississippi (+28.7%); Peoria, Illinois (+19.6%); Chattanooga, Tennessee (+18.2%); Elmira, New York (+17.6%); and Fond du Lac, Wisconsin (+17.6%). Each of the top 10 subways for annual price profits registered increases of at least 14.9%.
With so many metro -competitive ears, it should not be a surprise that at national level the average selling price for single -family homes year by year by 4.8% rose to $ 410,000. In the third quarter, the annual price win was 3.2%. In the past five years, from 2019 to 2024, the median house price has risen by 49.9%, Nar reported.
When it comes to the markets with the highest median prize, eight of the top 10 in Q4 2024 were in California. The top three markets include San Jose ($ 1.92 million, an increase of 9.7% per year); Anaheim ($ 1.36 million, an increase of 4.7%); and the Bay Area neighbors of San Francisco and Oakland ($ 1.32 million, an increase of 5.2%). The two non-California markets in the top 10 were Honolulu ($ 1.1 million) and Boulder, Colorado ($ 840,700).
“Record-high house prices and the corresponding profits of houses are absolutely good news for owners of real estate,” said Nar-HoofeCecoom Lawrence Yun in a statement. “Tenants who switch to homeowners, however, are confronted with considerable obstacles.”
Despite the rising prices, the monthly mortgage payment was on a typical, existing single -family home (assuming 20%) $ 2,124, a decrease of 1.7% compared to a year ago and 0.8% lower than the previous quarter.
The 30-year fixed mortgage interest rate varied from 6.12% to 6.85% during the last three months of 2024. And the study shows that households usually spend 24.8% of their income payments, a decrease of 25.2 % in Q3 2024 and 26.5% in Q4 2023.
First home buyers also experienced improved affordability, with the monthly mortgage payment on a typical starter house that dropped to $ 2,083. This fell by 0.9% compared to the previous quarter and a decrease of 1.7% compared to a year earlier. The typical starter house, according to Nar, was rated at $ 348,600. The monthly payment amount assumed that the buyer fell 10%.
In addition, first buyers use less of their income on mortgage payments compared to the previous quarterly 37.4% in Q4 compared to 38.1% in Q3.
Although affordability has been improved, a family needed an eligible income of at least $ 100,000 to pay a down payment of 10% in 43.8% of the analyzed markets – an increase of 42.5% in Q3 2024 The other way around needs families of less than $ 50,000,000 to pay in 2.2% of the markets as in Q3.
“Although recognizing many employees may not have the opportunity to move, those who can or are willing to move can find more affordable conditions, especially given the wide variance in national house prices,” Yun said.
