Home prices are still rising. They’re increasing at a much slower pace than they were a few years ago but are above year-before levels in every region, according to new numbers from the National Association of Realtors. In fact, the median price for an existing home reached $391,700 at the end of 2023. That’s 3.5 percent higher than it was at the end of 2022. Lawrence Yun, NAR’s chief economist, says the number of homes for sale is expected to rise this year, which will help affordability and sales. “Sales were restrained due to limited inventory,” Yun said. “But increased home building, along with lower mortgage rates, will not only improve housing affordability but also help bring more homes onto the market in 2024.” As it is, price increases depend a lot on location. For example, the Northeast saw a 7.3 percent year-over-year increase, while the South saw prices up only 3.2 percent. The Midwest was up 4.7 percent, while the West increased 4.2 percent. (source)
