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Home Prices · Housing Market · Mortgage Rates · Real Estate
U.S. home price growth decelerated for the third consecutive month in March, with prices for single-family homes and condos rising 2.2% year-over-year to a median of $380,000, according to Homes.com data, signaling a more balanced market for prospective buyers.
The rate of growth, which peaked at 5.6% in December, has consistently slowed. Homes.com data also indicates an increase in properties for sale, providing more options for shoppers and exerting further downward pressure on prices.
Melina Duggal, senior director of market analytics at CoStar Group and Homes.com, stated this trend suggests more opportunities for buyers. Additionally, lower mortgage rates, with the average 30-year fixed-rate mortgage at 6.62% for the 12th straight week, further incentivize market entry.
Regionally, the Northeast and Midwest, led by Cleveland with 10.3% price growth, are surging, while Southern cities like Orlando, Jacksonville, and Tampa experienced price declines. San Francisco also saw a drop in prices, while Los Angeles recorded 5.8% growth.
