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Home Price Gains and Challenges in US Metro Areas
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More than 85% of metro areas in the US experienced home price gains in the fourth quarter of 2023, with the 30-year fixed mortgage rate dropping to 6.61% from 7.79%. The top 10 metro areas with the largest year-over-year median price increases include Dayton, Kingsport-Bristol-Bristol, Tenn.-Va., Trenton-New Jersey, Salinas, and others. The report also highlights the challenges faced by recent home buyers due to high housing costs and the lack of inventory impacting first-time buyers during the fourth quarter.
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How can the challenges faced by recent home buyers be addressed?
What factors contributed to the high housing costs in the top metro areas?
What measures can be taken to increase the availability of affordable housing?
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