In the fourth quarter of 2024, the housing market exhibited strong growth with notable annual median price gains in various metro areas. Jackson, Mississippi, led with an impressive rise of 28.7%, while Peoria, Illinois, and Chattanooga, Tennessee, followed. Nationally, existing home prices increased 4.8% to $410,000. Despite higher prices, monthly mortgage payments decreased slightly, easing challenges for first-time homebuyers. However, rising property values benefit homeowners significantly, leaving renters with difficulties in transitioning to ownership, as highlighted by NAR's chief economist Lawrence Yun.
Despite the challenges of high home prices, affordability improved slightly for first-time homebuyers, as their typical mortgage payment decreased to $2,083.
The significant price gains across metro areas highlight a robust housing market, with national median home prices rising to $410,000, a 4.8% increase from the previous year.
In Q4 2024, the top metro areas for annual median price gains showcased substantial growth, notably in Jackson, Mississippi, which saw a staggering 28.7% rise.
Lawrence Yun, NAR chief economist, emphasizes that while homeowners benefit from rising property values, renters face substantial challenges in achieving homeownership.
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