Q4 2022 Home Price Gains Posted In Nearly 9 In 10 Metro Areas

Mortgage News February 21, 2023

NAR’s latest quarterly report shows that despite mortgage rates exceeding 7% in the fourth quarter of 2022, nine out of ten metro areas registered home price increases. Out of the 186 tracked metro areas, 18% registered price increases in double-digits over the same time period, a decrease from 46% in the previous quarter.

Nationally, the median price of an existing single-family home rose 4.0% to $378,700. In comparison with the previous quarter, price appreciation decelerated by 8.6% year-over-year.

Single-family existing-home sales in the South surged to 45% in the third quarter, with a 4.9% increase in price year-over-year. In the Northeast, prices grew 5.3%, in the Midwest, 4.0%, and in the West, 2.6%.

Top 10 metro areas with the highest year-over-year price growth.
1. Farmington, N.M. (20.3%)
2. North Port-Sarasota-Bradenton, Fla. (19.5%)
3. Naples-Immokalee-Marco Island, Fla. (17.2%)
4. Greensboro-High Point, N.C. (17.0%)
5. Myrtle Beach-Conway-North Myrtle Beach, S.C.-N.C. (16.2%)
6. Oshkosh-Neenah, WI (16.0%)
7. Winston-Salem, N.C. (15.7%)
8. El Paso, Texas (15.2%)
9. Punta Gorda, Fla. (15.2%)
10. and Deltona-Daytona Beach-Ormond Beach, Fla. (14.5%).

Top 10 highest-priced markets in the U.S.
1. San Jose-Sunnyvale-Santa Clara, Calif. ($1,577,500; -5.8%)
2. San Francisco-Oakland-Hayward, Calif. ($1,230,000; -6.1%)
3. Anaheim-Santa Ana-Irvine, Calif. ($1,132,000; -1.6%)
4. Urban Honolulu, Hawaii ($1,090,200; 3.4%)
5. San Diego-Carlsbad, Calif. ($857,000; 1.4%)
6. Los Angeles-Long Beach-Glendale, Calif. ($829,100; -1.3%)
7. Naples-Immokalee-Marco Island, Fla. ($802,500; 17.2%)
8. Boulder, Colo. ($759,500; -2.0%)
9. Seattle-Tacoma-Bellevue, Wash. ($708,900; 1.3%)
10. and Barnstable Town, Mass. ($668,100; 4.0%).

In the fourth quarter of 2022, home prices declined in approximately one out of every ten markets (11%; 20 out of 186).


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