PROVIDENCE – The median price of a single-family home in the Providence-Warwick-southeastern Massachusetts metro area rose 7.8% year over year to $431,700 in the fourth quarter of 2022, according to the National Association of Realtors’ latest quarterly report.
Across the nation, the median prices of existing single-family home sales climbed in almost 90% of measured metro areas – 166 of 186 – in the fourth quarter. The national median single-family existing-home price increased 4% from one year ago to $378,700
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However, year-over-year price appreciation decelerated when compared with the previous quarter’s 8.6%.
In the Rhode Island and southeastern Massachusetts metro area, the median price of single-family homes has fallen from a high of $457,700 in the second quarter of 2022. The median price was $453,800 in the third quarter.
“A slowdown in home prices is underway and welcomed, particularly as the typical home price has risen 42% in the past three years,” NAR Chief Economist Lawrence Yun said, noting these costs increases have far surpassed wage increases and consumer price inflation of 15% and 14%, respectively, since 2019. “Far fewer metro markets experienced double-digit price gains in the latest quarter.”
Roughly one in 10 markets – 20 of 186 – experienced home price declines in the fourth quarter of 2022.
“A few markets may see double-digit price drops, especially some of the more expensive parts of the country which have also seen weaker employment and higher instances of residents moving to other areas,” Yun said.
“Even with a projected reduction in home sales this year, prices are expected to remain stable in the vast majority of the markets due to extremely limited supply,” Yun added. “Moreover, there are signs that buyers are returning as mortgage rates decline, even with inventory levels near historic lows.”
The top 10 metro areas with the largest year-over-year price increases all recorded gains of at least 14.5%, with seven of those markets in Florida and the Carolinas. Those include Farmington, N.M., at 20.3%; North Port-Sarasota-Bradenton, Fla., at 19.5%; Naples-Immokalee-Marco Island, Fla., at 17.2%; Greensboro-High Point, N.C., at 17.0%; Myrtle Beach-Conway-North Myrtle Beach, S.C.-N.C., at 16.2%; Oshkosh-Neenah, Wis., at 16.0%; Winston-Salem, N.C., at 15.7%; El Paso, Texas, at 15.2%; Punta Gorda, Fla., at 15.2% and Deltona-Daytona Beach-Ormond Beach, Fla., at 14.5%.
Half of the top 10 most expensive markets in the U.S. were in California, according to the report. The San Jose-Sunnyvale-Santa Clara, Calif., metro area was the most expensive at $1.5 million, followed by San Francisco-Oakland-Hayward, Calif., metro area at $1.2 million; Anaheim-Santa Ana-Irvine, Calif., metro area at $1.1 million; Urban Honolulu, Hawaii, metro area at $1 million; San Diego-Carlsbad, Calif., metro area at $857,000, Los Angeles-Long Beach-Glendale, Calif., metro area at $829,100; Naples-Immokalee-Marco Island, Fla., metro area at $802,500; Boulder, Colo., metro area at $759,500; Seattle-Tacoma-Bellevue, Wash., metro area at $708,900; and Barnstable Town, Mass., metro area at $668,100.
