Over 90% of metro markets posted home price gains in the first quarter of 2024 with the 30-year fixed mortgage rate ranging from 6.60% to 6.94%, according to the National Association of Realtors latest quarterly report.
The report shows that 30% of the 221 tracked metro areas experienced double-digit price gains over the period, up from 15% in the fourth quarter of 2023.
The national median single-family existing-home price climbed 5% to $389,400 compared to one year ago. In the prior quarter, the year-over-year national median price increased 3.4%.
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Baton Rouge was one market that did not post a price gain. The median price in the fourth quarter of 2023 was $262,900 and dropped to $260,000, a 1.1% decrease in the first quarter of 2024.
Seven percent of markets experienced home price declines in the first quarter, down from 14% compared to the fourth quarter of 2023.
The monthly mortgage payment on a typical existing single-family home with a 20% down payment was $2,037, down 5.7% from the fourth quarter of 2023 ($2,161) but up 9.3%—or $173—from one year ago.
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The monthly mortgage payment in the Baton Rouge area was $1,361, down roughly $14 from the fourth quarter of 2023.
This story originally appeared in a May 8 issue of Daily Report. To keep up with Baton Rouge business and politics, subscribe to the free Daily Report e-newsletter here.