Sunbelt Metros Topped the List of Highest Yearly Home Price Gains, Las Vegas Increases by 24.7%

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The National Association of Realtors® released its latest quarterly report that measures quarterly median single-family price data for approximately 183 MSAs in the country.

Key Highlights

In fourth quarter of 2021, fewer markets – 67% of 183 metro areas – had a double-digit increase in the median single-family existing-home sales price (78% in the prior quarter). And only the South region experience double-digit price appreciation (17.9%), and single-digit price gains in the Northeast (6.8%), Midwest (8.6%), and the West (7.7%).
Nationally, the median sales price of single-family existing homes rose at a slower pace of 14.6% to $361,700 (15.9% in the prior quarter).
Increasing price appreciation and higher mortgage rates make houses less affordable. In the fourth quarter of 2021, monthly mortgage payment on a typical existing single-family home with 20% down payment rose by $201 from a year ago to $1,240, or 16.9% of the median family income.

Metros in the Sunbelt and Mountain states topped the list of areas with the highest yearly price gains:

Punta Gorda, Fla. (28.7%)
Ocala, Fla. (28.2%)
Austin-Round Rock, Texas (25.8%)
Phoenix-Mesa-Scottsdale, Ariz. (25.7%)
Sherman-Denison, Texas (25.1%)
Tucson, Ariz. (24.9%)
Las Vegas-Henderson-Paradise, Nev. (24.7%)
Ogden-Clearfield, Utah (24.7%)
Salt Lake City, Utah (24.4%)
Boise City-Nampa, Idaho (24.3%)

"Homebuyers in the last quarter saw little relief as home prices continued to climb, albeit not as fast as earlier in the year," said Lawrence Yun, NAR chief economist. "The increasing prices are indicative of a seller's market, with an abundance of eager buyers and very limited supply. The good news is that home prices should begin to normalize later in 2022 as more homes come on the market."

Source: National Associations of Realtors

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