News
Some of the latest real estate news and trends from local, state, and national markets.
First Quarter of 2022 Brings Double-Digit Price Appreciation for 70% of Metros
Amid rising mortgage rates and a decline in home sales, more metro areas – 70% of 185– recorded a double-digit annual increase in their median single-family existing-home sales price (66% in the prior quarter). The median sales price of single-family existing homes rose at a faster pace of 15.7%, to $368,200 (14.3% in the previous quarter). With sustained price appreciation and higher mortgage rates, affordability worsened in the first quarter; monthly mortgage payments rose on a typical existing single-family home with a 20% down payment.
Pending Home Sales Sag 1.2% in March
Month-over-month, contract signings in March 2022 increased in the Northeast and fell in the other three regions of the U.S. All regions reported decreases in year-over-year contract activity.
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