Housing affordability continued to be challenging last year, as home prices rose in all 50 of the most populous US metro areas in December on a year-over-year basis, according to a Redfin report. That is the first time that has happened since May 2022.
In December 2023, home prices rose in 41 metros, Redfin said. In April 2023, prices rose in just 19 metros, the lowest number since 2012.
Home prices soared during the pandemic driven by record-low mortgage rates but fell in 2023 when rates climbed to a 10-year high. As buyers have grown accustomed to elevated mortgage rates, prices have recovered and are climbing because of a shortage in inventory, Redfin said. Last month, home prices posted their biggest gain in nearly a year, jumping 6.3% year-over-year to a median of $427,670.
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