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Home prices continue to rise, but they’re rising in slightly fewer areas of the country.
Data released Thursday by the National Association of REALTORS® (NAR) shows that during the third quarter of 2024, home prices grew in 87% of the 226 metropolitan areas analyzed. That share is down from 89% in the second quarter.
In addition, 7% of metro areas analyzed experienced double-digit home-price growth, which is down from 13% in Q2 2024. While home prices grew, falling mortgage rates during the third quarter brought the typical mortgage payment down 2.4% year over year. The median home price was up 3.1%.
“Home prices remain on solid ground as reflected by the vast number of markets experiencing gains,” NAR chief economist Lawrence Yun said in a statement. “Even with the rapid price appreciation over the last few years, the likelihood of a market crash is minimal. Distressed property sales and the number of people defaulting on mortgage payments are both at historic lows.”