(NewsNation) — In the second quarter of 2024, almost 90% of metropolitan areas recorded increased housing prices, according to a report from the National Association of Realtors (NAR).
Of the top 10 most expensive markets in the U.S., seven were in California. The other three were markets in Hawaii, Colorado and Florida.
Overall, the top ten markets were:
- San Jose-Sunnyvale-Santa Clara, California
- San Francisco-Oakland-Hayward, California
- Anaheim-Santa Ana-Irvine, California
- Urban Honolulu, Hawaii
- San Diego-Carlsbad, California
- Salinas, California
- Oxnard-Thousand Oaks-Ventura, California
- San Luis Obispo-Paso Robles, California
- Boulder, Colorado
- Naples-Immokalee-Marco Island, Florida
In the most expensive market, which was San Jose-Sunnyvale-Santa Clara, the median price for an existing single-family home was over $2 million, the first time a metro area’s median home price exceeded $2 million since the NAR began tracking these prices in 1979.
The national median cost of buying a house increased 4.9% from a year prior and is now $422,100 for an existing single-family home. The monthly mortgage payment on an existing single-family home with a 20% down payment also increased to $2,262, up 10.3% from one year ago.
NAR Chief Economist Lawrence Yun said in the report that the record-high home prices across the country are good for some people and bad for others.
“It’s terrific news for homeowners who are moving ahead in wealth gains,” Yun said. “However, it’s difficult for those wanting to buy a home as the required income to qualify has roughly doubled from just a few years ago.”