Across the country, 70% of metro areas experienced double-digit home price gains in the first quarter, according to a report from the National Association of Realtors.
Prices for existing single-family homes in the U.S. were up 15.7% year over year at a median $368,200 in the first quarter.
“Prices throughout the country have surged for the better part of two years, including in the first quarter of 2022,” NAR’s chief economist Lawrence Yun said in the report. “Given the extremely low inventory, we’re unlikely to see price declines, but appreciation should slow in the coming months.”
Yun said he expects more homes to come onto the market as the year progresses, easing the nation’s record-low inventory.
