Currently Reading

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

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.

Read more



Related Stories

Housing Markets

August Housing Markets Still Down, but Less So

While active inventory, new listings, and closed sales were all still historically low in August, the declines weren't as sharp as in previous months

Housing Markets

Rents Fall the Most in These Former Pandemic Hotspots

Rental prices are falling the most in these previously red-hot metro areas


DC Renters Increasingly Struggle to Cover Housing Costs

A rising number of households in Washington, D.C., are spending at least half of their income on rent, making them “severely housing cost burdened”


Top Articles


More in Category

COVID-19 may be easing its grip on the U.S. after a disastrous two years, but lingering supply chain disruptions have builders holding onto their pandemic business tactics

An archive of NHQA-winning companies that represent home building's best in Total Quality Management

Don’t let the current hype about single-family B2R communities obscure the need to create long-term sustainability and asset value


Create an account

By creating an account, you agree to Pro Builder's terms of service and privacy policy.

Daily Feed Newsletter

Get Pro Builder in your inbox

Each day, Pro Builder's editors assemble the latest breaking industry news, hottest trends, and most relevant research, delivered to your inbox.

Save the stories you care about

Lorem ipsum dolor sit amet lorem ipsum dolor sit amet lorem ipsum dolor sit amet.

The bookmark icon allows you to save any story to your account to read it later
Tap it once to save, and tap it again to unsave

It looks like you’re using an ad-blocker!

Pro Builder is an advertisting supported site and we noticed you have ad-blocking enabled in your browser. There are two ways you can keep reading:

Disable your ad-blocker
Disable now
Subscribe to Pro Builder
Already a member? Sign in
Become a Member

Subscribe to Pro Builder for unlimited access

Lorem ipsum dolor sit amet, consectetur adipisicing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua.