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Home Prices Rose in 70% of Metros During the First Quarter of 2023

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Housing Markets

Home Prices Rose in 70% of Metros During the First Quarter of 2023

The U.S. housing market is cooling, but in a few major metros, home prices continue to rise


May 16, 2023
Houses outside of Milwaukee metro
Image: Henryk Sadura / stock.adobe.com

The housing market is cooling after a mid-pandemic homebuying boom, but according to the National Association of Realtors’ new quarterly report, home prices are still rising in 70% of metros. The national median single-family existing-home price decreased 0.2% to $371,200 compared with a year ago, but in cities such as Milwaukee, Dayton, Ohio, and Oklahoma City, Okla., prices rose by at least 10% year-over-year, USA TODAY reports. 

Among the major U.S. regions, prices rose 3% in the Midwest and 1% in the South, and slipped 0.1% in the Northeast and 5% in the West.

“Generally speaking, home prices are lower in expensive markets and higher in affordable markets, implying greater mortgage rate sensitivity for high-priced homes,” said NAR Chief Economist Lawrence Yun.

“Home prices are also lower in cities that previously experienced rapid price gains,” said Yun. For example, in Boise, Idaho, where home prices grew by 67% in three years through 2022, saw a 10% decline in year-over-year prices in the first quarter. Price declined 13% in Austin, Texas, and 7% in Phoenix.

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