Home prices rose by double-digit percentages in most major US cities at the beginning of this year
Of 185 metro areas tracked, 70% saw double-digit growth in median home prices during the first quarter of 2022 compared to a year before, according to a report from the National Association of Realtors. The number of cities with double-digit increases had been dropping from 94% in the second quarter of last year to 78% in the third quarter and down to a revised 66% at the end of last year.But prices in early 2022 cranked back up in many places.
San Jose, California, had the highest home prices in the country, with the median price of a home at $1,875,000, up 25% from a year ago. It was followed by San Francisco; Anaheim, California; Honolulu; San Diego; Boulder, Colorado; Los Angeles; Seattle; Naples, Florida; and Denver, Colorado.Affordability took a hitAs inventory fell to record lows in the first part of this year and home prices continued their steady march up, buyers rushed to close on a deal before mortgage rates rose.
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