{"id":20457,"date":"2023-02-09T14:37:39","date_gmt":"2023-02-09T20:37:39","guid":{"rendered":"https:\/\/theamericangenius.com\/housing\/?p=20457"},"modified":"2023-02-09T14:37:42","modified_gmt":"2023-02-09T20:37:42","slug":"90-of-metros-saw-home-price-gains-despite-appreciation-slowing","status":"publish","type":"post","link":"https:\/\/theamericangenius.com\/housing\/homeownership\/90-of-metros-saw-home-price-gains-despite-appreciation-slowing\/","title":{"rendered":"90% of metros saw home price gains, despite appreciation slowing"},"content":{"rendered":"\n<p>Home prices rose in roughly 90% of metro areas in the fourth quarter of 2022, according to the National Association of Realtors (NAR)\u00a0<a href=\"https:\/\/www.nar.realtor\/research-and-statistics\/housing-statistics\/metropolitan-median-area-prices-and-affordability\" target=\"_blank\" rel=\"noreferrer noopener\">quarterly report<\/a>. Although price increases have slowed of late, 18% of the areas studied experienced double-digit price increases, down from 46% of areas in Q3 of 2022. <\/p>\n\n\n\n<p>The national media single-family existing home price rose 4.0% in the last year to $378,7000 and the monthly mortgage payment (with a 20% down payment) averaged $1,969, up 58% in the past year. During the past year, mortgage rates doubled to surpass 7%, also influencing the market.<\/p>\n\n\n\n<p>\u201cA slowdown in home prices is underway and welcomed, particularly as the typical home price has risen 42% in the past three years,\u201d NAR Chief Economist, Dr. Lawrence Yun said, noting the increases have far surpassed wage increases and consumer price inflation of 15% and 14%, respectively, since 2019. <\/p>\n\n\n\n<p>Dr. Yun also observed that although sales are likely to decrease, prices &#8220;are expected to remain stable in the vast majority of the markets due to extremely limited supply.&#8221;  <\/p>\n\n\n\n<p>He also noted that &#8220;there are signs that buyers are returning as mortgage rates decline, even with inventory levels near historic lows.\u201d<\/p>\n\n\n\n<p>While regional performance varied, Dr. Yun makes clear that some markets will actually see prices decline, &#8220;especially some of the more expensive parts of the country which have also seen weaker employment and <a href=\"https:\/\/theamericangenius.com\/housing\/big-data\/study-where-people-are-moving-to-and-from-in-america\/\">higher instances of residents moving to other areas<\/a>.&#8221;<\/p>\n\n\n\n<p>NAR has spent years ringing the alarm bell of a shortage of housing units coming online, threatening affordability, especially for qualified would-be first time buyers edged out of the market. Their quarterly report revealed that this segment of the market typically spent nearly 40% of their family income ton mortgage payments (up from 37.8% in the previous quarter). This is troubling as &#8220;affordable&#8221; means a mortgage payment is under 25% of a household&#8217;s income. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Affordability challenges continue to plague the market, further threatened by home price gains and rising mortgage rates. What will happen to homeownership and sales in 2023?<\/p>\n","protected":false},"author":335938,"featured_media":19535,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"wds_primary_category":0,"footnotes":"","jetpack_post_was_ever_published":false,"_links_to":"","_links_to_target":""},"categories":[602],"tags":[323,263,1234],"class_list":["post-20457","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-homeownership","tag-homeownership","tag-nar","tag-real-estate-news"],"jetpack_featured_media_url":"https:\/\/theamericangenius.com\/housing\/wp-content\/uploads\/sites\/2\/2020\/01\/Neighborhood-houses-representing-sellers-market-and-selling-real-estate.jpg","jetpack_sharing_enabled":true,"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/posts\/20457","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/users\/335938"}],"replies":[{"embeddable":true,"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/comments?post=20457"}],"version-history":[{"count":1,"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/posts\/20457\/revisions"}],"predecessor-version":[{"id":20467,"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/posts\/20457\/revisions\/20467"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/media\/19535"}],"wp:attachment":[{"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/media?parent=20457"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/categories?post=20457"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/tags?post=20457"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}