Home Prices Are on The Upswing in More Cities—Here’s Where They’re Rising Fastest

Driven by gains in the Northeast and Midwest, 80% of U.S. metros saw annual home price increases this spring, marking a meaningful acceleration from the start of the year.Median sales prices for existing single-family homes rose year-over-year in 188 out of the 235 markets tracked by the National Association of Realtors®, which released its latest quarterly report on Tuesday.That's a gain from the 71% share that saw annual price increases in the first quarter, potentially signaling renewed momentum in the housing market even in the face of elevated mortgage rates."Home sales increased despite mortgage rates rising. This testifies to the potential housing demand building up from steady job and income gains," says NAR Chief Economist Lawrence Yun.The national median single-family existing-home price rose 1.5% year-over-year to $434,900, up from 0.5% annual growth in the first quarter. Five percent of metros recorded double-digit price gains, unchanged from last quarter. At the regional level, the inventory-constrained Northeast experienced the most meaningful annual price increase of 3.8% to $547,200, followed closely by the Midwest, where the median price rose 3.6% to $340,800. The ...