Single-Family Home Prices Are Rising Across the U.S.

Home prices are reacting just as they should to the historically low housing inventory, interest rates, and high buyer demand. For 2020’s second quarter, 96% of markets experienced a median price growth, according to the National Association of Realtors. National median prices increased by 4.2% year over year to $291,300. Some markets experienced double-digit growth, such as Huntsville, Ala., which saw prices jump by 13.5% year over year. That is not to say some areas did not see drops in prices. Boulder, Colo.’s year-over-year sales price dropped by 3%.

Knowing the mortgage rates and the qualifying incomes for down payments will help potential homeowners figure out what metro areas are affordable for them. Here is a look at the metro areas with the strongest price growth in the second quarter 2020, as well as a look at the yearly change in median existing single-family home prices among the top five highest and lowest growth metro areas of the second quarter 2020.

These are the top five single-family metro areas with the highest home price appreciation:

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