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Home Prices Rose Virtually Everywhere At The Beginning Of The Year

  • May 8th 2024

by UrbanTurf Staff

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tak-bung.jpg
A Takoma Park bungalow that sold earlier this year. 

Home prices in most metropolitan areas rose in the first three months of the year, a new report found. 

The latest quarterly report from the National Association of Realtors found that 93% of metropolitan areas posted home price gains in the first quarter of 2024.

"Astonishingly, greater than 90% of the country's metro areas experienced home price growth despite facing the highest mortgage rates in two decades," said NAR Chief Economist Lawrence Yun. "In the current market, rising prices are the direct result of insufficient housing supply not meeting the full demand."

In the DC region, home prices came in just below record highs in March. We anticipate that price records will be broken when a new report comes out about the April market.

Photo Courtesy of RealTour

This article originally published at https://dc.urbanturf.com/articles/blog/home_prices_rose_virtually_everywhere_at_the_beginning_of_the_year/22285.

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