Home prices are reacting just as they should to the historically low housing inventory, interest rates, and high buyer demand. For 2020’s second quarter, 96% of markets experienced a median price growth, according to the National Association of Realtors. National median prices increased by 4.2% year over year to $291,300. Some markets experienced double-digit growth, such as Huntsville, Ala., which saw prices jump by 13.5% year over year. That is not to say some areas did not see drops in prices. Boulder, Colo.’s year-over-year sales price dropped by 3%.
Knowing the mortgage rates and the qualifying incomes for down payments will help potential homeowners figure out what metro areas are affordable for them. Here is a look at the metro areas with the strongest price growth in the second quarter 2020, as well as a look at the yearly change in median existing single-family home prices among the top five highest and lowest growth metro areas of the second quarter 2020.
These are the top five single-family metro areas with the highest home price appreciation:
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