While recent reports from Black Knight and CoreLogic show price increases continuing at record levels, the National Association of Realtors® (NAR) reports they are easing in some metropolitan areas. A fourth quarter report, which covers 183 major housing markets, shows that the share of those markets experiencing annual median home price gains in the double digits fell from over three-quarters (78 percent) in the third quarter of 2021 to 67 percent. Further, while all four regions of the country had gains in the double digits in Q3, only the South saw such increases in Q4. Prices in that region increased 17.9 percent while the Northeast’s appreciation was 6.8 percent and prices in the Midwest and West rose 8.6 percent and 7.7 percent, respectively. Nationally, the sales prices of single-family existing homes rose at 14.6 percent in the fourth quarter to a median of $361,700 . The increase in the prior quarter was an annualized 15.9 percent. “Homebuyers in the last quarter saw little relief as home prices continued to climb, albeit not as fast as earlier in the year,” said Lawrence Yun, NAR chief economist. “The increasing prices are indicative of a seller’s market, with an abundance of eager buyers and very limited supply.” The two metros with the largest annual increases were in Florida, Punta Gorda at 28.7 percent and Ocala at 28.2. Others, all in the 25 percent range were Austin-Round Rock, Phoenix-Mesa-Scottsdale, and Sherman-Denison, Texas.
Source: Mortgage News Daily