Home sales prices rose 4.1% nationally in January 2024, and the major metro markets reflected similar trends. New York City saw a notable 7.7% increase, leading the 20 tracked cities. While some areas like Tampa experienced declines, many regions benefited from strong construction, particularly in the South and West, alleviating some price pressures. However, the Northeast and Midwest continue to face strong demand, driving considerable price growth. In this context, rising mortgage rates reached a peak of 7.04%, but have since stabilized, offering potential relief to homebuyers as the spring market approaches.
New York City reported the highest annual gain among the 20 cities with a 7.7% surge in January, indicating significant price growth in certain metro markets.
Hannah Jones states, 'Relatively strong construction activity in the South and West have helped take some pressure off of home prices,' emphasizing regional housing market disparities.
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