Home prices rose by double digits in a record number of markets in the first quarter of 2022 even as mortgage rates rose and home sales declined, according to the National Association of Realtors (NAR).
In the first quarter of 2022, 70 percent of 185 measured metros saw double-digit annual price gains, which is up from 66 percent in Q4, 2021, states a May 3 news release by NAR. During this time, the price of median single-family existing homes rose by 15.7 percent compared to a year ago, beating the 14.3 percent increase in the previous quarter.
The South region saw home prices appreciating by 20.1 percent, followed by the Northeast by 6.7 percent, the Midwest by 8.5 percent, and the West by 5.9 percent.
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