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The National Association of REALTORS® reported that home prices continued to rise in the second quarter of 2024. National median prices rose 4.9% year over year to $422,100, and median home prices rose by 8.5% compared to the previous quarter. Of the 223 metro areas, 13% had double-digit year-over-year price increases in the second quarter of 2024.
Monthly mortgage payments on a single-family home in the second quarter increased 10.3% to $2,262 compared to $2,050 from a year ago. Qualifying median family incomes rose to $108,600 compared to the first quarter of 2024, which was $97,731 (but was $98,405 a year ago). The effective 30-year fixed mortgage rate increased to 7.07% in the second quarter of 2024 compared to 6.57% one year ago. Median family incomes rose to $102,400 in the second quarter of 2024 compared to $97,119 a year ago.
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 of 2024, as well as the yearly change in median existing single-family home prices among the top five highest and lowest growth metro areas of the second quarter of 2024.
The Five Metro Areas With the Highest Home Price Appreciation for Single-family Homes in Q2 2024
The Five Metro Areas With the Lowest Home Price Appreciation for Single-family Homes in Q2 2024
The Five Most Expensive Metro Areas for Single-family Homes in Q2 2024
The Five Least Expensive Metro Areas for Single-family Homes in Q2 2024
Qualifying Income Based on Sales Price of Existing Single-family Homes for Metropolitan Areas by Region
For the U.S., at the 5% down-payment threshold, the qualifying income for the second quarter of 2024 was $128,962. At the 10% down payment mark, the qualifying income was $122,175, and with a 20% down payment, the income required to qualify for a mortgage was $108,600. The West led all regions with the highest qualifying income, while the Midwest had the lowest income for 5%, 10%, and 20% down payments on a single-family home.
