Single-family existing-home sales prices rose 89 percent in metro areas (210 out of 226) in the fourth quarter, as the 30-year fixed mortgage rate ranged from 6.12 percent to 6.85 percent, according to the National Association of Realtors quarterly report.  Fourteen percent of the metros posted double-digit price gains, up from 7 percent in the third quarter.

The national median single-family existing-home price climbed 4.8 percent from a year ago to $410,100. In the third quarter, the national median price rose 3.2 percent, and over the past five years (2019-2024), it rose by nearly 50 percent.

“Record-high home prices and the accompanying housing wealth gains are definitely good news for property owners,” NAR Chief Economist Lawrence Yun said. “However, renters who are looking to transition into homeownership face significant hurdles.”

The largest share of single-family existing-home sales in the fourth quarter was in the South (45.1 percent), with year-over-year price appreciation of 2.1 percent. Prices also increased 10.6 percent in the Northeast, 8.0 percent in the Midwest and 4.0 percent in the West.

The top 10 metro areas with the largest year-over-year median price increases were Jackson, Miss. (28.7 percent); Peoria, Ill. (19.6 percent); Chattanooga, Tenn.-Ga. (18.2 percent); Elmira, N.Y. (17.6 percent); Fond du Lac, Wis. (17.6 percent); Cleveland-Elyria, Ohio (16.4 percent); Bismarck, N.D. (15.8 percent); Akron, Ohio (15.5 percent); Blacksburg-Christiansburg, Va. (15.0 percent); and Canton-Massillon, Ohio (14.9 percent).

Eight of the top 10 most expensive markets were in California. Overall, those markets were San Jose-Sunnyvale-Santa Clara, Calif. ($1.9 million; 9.7 percent); Anaheim-Santa Ana-Irvine, Calif. ($1.4 million; 4.7 percent); San Francisco-Oakland-Hayward, Calif. ($1.3 million; 5.2 percent); Urban Honolulu, Hawaii ($1.1 million; 3.2 percent); San Diego-Carlsbad, Calif. ($985,000; 5.7 percent); Salinas, Calif. ($943,900; -5 percent); Los Angeles-Long Beach-Glendale, Calif. ($939,700; 6.3 percent); San Luis Obispo-Paso Robles, Calif. ($927,200; 1.7 percent); Oxnard-Thousand Oaks-Ventura, Calif. ($920,000; 0.3 percent); and Boulder, Colo. ($840,700; -1.0 percent).

Almost 11 percent of markets saw home price declines in the fourth quarter, down from 13 percent in the third quarter.

“While recognizing many workers may not have the option to relocate, those who can or are willing to move may find more affordable conditions, especially given the wide variance in home prices nationwide,” Yun said.

Housing affordability marginally improved in the fourth quarter. The monthly mortgage payment on a typical existing single-family home with a 20 percent down payment was $2,124, down 0.8 percent from the third quarter ($2,141) and 1.7 percent – or $37 – from one year ago.

First-time buyers found slightly better affordability circumstances in the fourth quarter than in the third. For a typical starter home valued at $348,600 with a 10 percent down payment loan, the monthly mortgage payment declined .9 percent from the third quarter to $2,083. That was a decrease of $35, or 1.7 percent, year-over-year. First-time buyers typically spent 37.4 percent of their family income on mortgage payments, down from 38.