Home Price Gains and Challenges in US Metro Areas

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.