Despite escalating mortgage rates and slumping home sales in the second quarter of 2022, a greater number of markets experienced double-digit annual price gains compared to the prior quarter, according to the National Association of Realtors' latest quarterly report. Eighty percent of the 185 tracked metro areas posted double-digit price gains, up from 70% in the first quarter of this year.
Nationally, the median single-family existing-home price eclipsed $400,000 for the first time, rising 14.2% from one year ago to $413,500. Year-over-year price appreciation eased slightly compared to the previous quarter's 15.4%.