In the second quarter of 2024, nearly 90% of U.S. metro areas witnessed a rise in single-family existing-home sale prices, continuing the trend of rising home values despite a slight dip from the 93% recorded in the previous quarter. The National Association of Realtors (NAR) reported on Tuesday that the median single-family home price grew 4.9% year over year, reaching $422,100, as 30-year fixed mortgage rates fluctuated between 6.82% and 7.22%.
Silicon Valley Hits a New Milestone
San Jose, California, a key tech hub in Silicon Valley, became the first U.S. metro to see its median single-family existing-home price surpass the $2 million mark since NAR began tracking home prices in 1979. The median price in San Jose reached $2.008 million, reflecting the area’s soaring demand and limited supply.
Nationwide Trends and Regional Variations
While the South accounted for the largest share of single-family home sales at 45.5%, with a modest 2.3% price increase, the Northeast led in price growth, with a 9.8% year-over-year increase. The Midwest and West saw gains of 5.5% and 5.4%, respectively.