Metropolitan Median Area Prices and Affordability

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More than 90% of metro markets (205 out of 221, or 93%) posted home price gains in the first quarter of 2024, as the 30-year fixed mortgage rate ranged from 6.60% to 6.94%. Thirty percent of the 221 tracked metro areas experienced double-digit price gains over the same period, up from 15% in the fourth quarter of 2023.

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The next quarterly Metropolitan Median Area Prices and Affordability and Housing Affordability Index release will be Tuesday, August 13, 2024, at 7 a.m. Eastern Time.

NAR’s quarterly Metropolitan Median Area Prices and Affordability report provides a breakdown of condo and co-op prices by metro market.

Metro Area Construction and Employment

NAR measured the amount of new home construction relative to the number of newly employed workers in 146 metropolitan statistical areas¹ (MSAs) throughout the U.S. to determine whether homebuilding has kept up with the steadily improving pace of job growth in the past three years². The findings reveal that homebuilding activity for all housing types is underperforming in roughly two-thirds of measured metro areas.

Metro Area Construction and Employment table for printing (PDF: 102 KB)

¹ Areas are generally metropolitan statistical areas as defined by the U.S. Office of Management and Budget. NAR adheres to the OMB definitions, although in some areas an exact match is not possible from the available data.

² NAR’s study analyzed homebuilding permits and employment data during the years of 2012 through 2014.

Metro Area Median Price Index data are provided by NAR solely for use as a reference. No part of the data may be reproduced, stored in a retrieval system, transmitted or redistributed in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without NAR's prior written consent for those who are not members of NAR.

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