Nearly 90% of metro areas saw home price gains in third quarter of 2024 even as increase rates ranged from 6.08% to 6.95%, according to the National Association of Realtors (NAR). Seven percent of those metro markets saw double digit increases although that’s down from 13% in the previous quarter.
The national median single-family existing home price grew 3.1% to $418,7000 from third quarter 2023 to third quarter 2024. There are no signs of a potential home market crash, said NAR chief economist Lawrence Yun, in a statement.
“Even with the rapid price appreciation over the last few years, the likelihood of a market crash is minimal,” Yun said. “Distressed property sales and the number of people defaulting on mortgage payments are both at historic lows.”
Yun said home prices remain on solid ground as reflected by the vast number of markets experiencing gains. A typical homeowner accumulated $147,000 in housing wealth in the last five years.
Among the major U.S. regions, the South registered the largest share of single-family existing-home sales (45.1%) in the third quarter, with year-over-year price appreciation of 0.8%. Prices also increased 7.8% in the Northeast, 4.3% in the Midwest and 1.8% in the West.
