Homes are still getting more expensive in the U.S. but the rate at which prices are climbing appears to be slowing down. According to the latest data available from the National Association of Realtors, prices climbed nationally in Q4 2021 with double-digit increases in 67 percent of markets. Still, this is a smaller number of markets with large price increases than in the previous quarter.
Punta Gorda and Ocala, metros in Florida, were the markets with the biggest increases nationally with year-over-year gains of 28.7 percent and 28.2 percent respectively. Still, California continued to dominate the list of the most expensive markets in the U.S.
San Jose-Sunnyvale-Santa Clara saw median home prices reach $1.68 million last quarter. This was followed by San Francisco-Oakland-Hayward at $1.31 million, Anaheim-Santa Ana-Irvine at $1.2 million and San Diego-Carlsbad with median home prices at $845,000.
Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 3.875 percent and 15-year rates are near 3.125 percent.
Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.biz, social media (#AramcoReport), or over the phone at (877) 700-0942 and your questions may be featured in an upcoming article.