San Jose, California, was the most expensive place to purchase a home in the United States in the fourth quarter. But that median price of $1,577,500 is actually down 5.8% from a year ago.
Single-family median home prices increased 4% in the fourth quarter from a year ago to $378,700. Prices were strongest in the Northeast in the last quarter, up 5.3%; followed by the South, up 4.9%; the Midwest, up 4% and the West, up 2.6%, according to the National Association of Realtors. But drill down to the market level and it’s clear that prices in some areas are declining from the prior year.
Homebuying fell off a cliff. By the end of 2022, sales of existing homes were down nearly 18% from 2021 as would-be homebuyers left the market, according to NAR. Typically, a drop in demand to buy would mean excess supply and ultimately lead to prices coming down. But that’s not happening, broadly speaking, in the housing market. Instead, prices for single-family homes climbed in nearly 90% of metro areas tracked by NAR in the fourth quarter: 166 markets out of 186 saw prices still going up.
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