A Growing Number of Metros Record Double-Digit Home Price Appreciation in Q2 2022
Roughly 80% of the 185 markets tracked by the National Association of Realtors recorded double-digit home price appreciation during the second quarter of 2022. During the same period, national median prices rose 14.2% year-over-year to $413,500, surpassing $400,000 for the first time in the data’s history, the National Association of Realtors reports.
Monthly mortgage payments on a single-family home rose to $1,810 in Q2 2022 compared to $1,213 a year ago as the 30-year fixed mortgage rate increased to 5.32% in the second quarter of 2022, up from 3.05% in Q2 2021.
Knowing the mortgage rates and the qualifying incomes for down payments will help potential homeowners figure out what metro areas are affordable.
The top five single-family metro areas with the highest home price appreciation in Q2 2022 were Fayetteville-Springdale-Rogers, AR-MO; Lakeland-Winter Haven, FL; Naples-Immokalee-Marco Island, FL; North Port-Sarasota-Bradenton, FL; and Myrtle Beach-Conway-North Myrtle Beach, SC-NC.