Wednesday, November 30, 2022 | The Latest Buzz for the Appraisal Industry

Majority of Metro Areas Experienced Year-Over-Year Price Increases in Q3 2022

An overwhelming majority of metro markets saw home price gains in the third quarter of 2022 despite mortgage rates that approached 7% and declining sales, according to the National Association of Realtors’ (NAR) latest quarterly report. Forty-six percent of the 185 tracked metro areas registered double-digit price increases, down from 80% in the second quarter of this year.

The national median single-family existing-home price climbed 8.6% from a year ago to $398,500. Year-over-year price

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