Home prices are once again on the rise across the country, and they only declined in 15 metropolitan areas in the entire nation during in the first quarter of 2024—including three in Florida.
The latest quarterly report by the National Association of Realtors (NAR), released on Wednesday, found more than 90 percent of metropolitan areas across the country saw prices climb between January and March, compared to the same time a year earlier.
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About 30 percent of the 221 metropolitan areas analyzed by NAR experienced a double-digit annual price appreciation, up from 15 percent in the last three months of 2023. Only 7 percent of the metropolitan areas tracked by the group experienced price declines in the first quarter.
Prospective buyer is shown a short sale home in Coral Gables, Florida. While home prices rise across the U.S., three Florida cities experienced declines in the first three months of 2024.
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In Florida, Cape Coral saw home prices drop by 4.4 percent year-on-year, from $434,000 in the first quarter of 2023 to $415,000 in the first quarter of 2024. Despite this decline, prices were up from the median home price of $400,000 reported in the last quarter of 2023.
Panama City experienced a year-on-year price decline of 3.8 percent in the first quarter of 2024, with the median home price sliding from $365,000 to $351,000. Prices were also lower in the first quarter of the year compared to the last quarter of 2023, when the median price of a home in the city was $361,900.
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Crestview was the third city experiencing price declines in the first quarter of the year in the Sunshine State, with a year-on-year price change of -0.2 percent. The median price of a home in the city was $399,000, down from $400,000 in the first quarter of 2023. Compared to the last quarter of 2023, prices were up from $394,600.
The other metropolitan areas which experienced price declines between January and March compared to a year earlier were Elmira, New York (-15.1 percent); San Antonio, Texas (-4.6 percent); Boulder, Colorado (-1.7 percent); Salem, Oregon (-1.7 percent); South Bend, Indiana (-1.6 percent); Logan, Utah (-1.3 percent); Baton Rouge, Louisiana (-1.1 percent); Peoria, Illinois (-1.1 percent); Shreveport, Louisiana (-0.9 percent); Myrtle Beach, South Carolina (-0.6 percent); Austin, Texas (-0.3 percent); and Little Rock, Arkansas (-0.1 percent).
In the rest of the country, home prices are growing despite diminishing mortgage rates as the country still struggles with a historical supply shortage. In the first quarter of the year, the price of single-family existing-homes rose by 5 percent in the U.S., according to NAR.
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