WASHINGTON (August 13, 2024) – The housing market showed strong performance in the second quarter of 2024, with nearly 90% of metro markets recording home price gains. According to the National Association of REALTORS®' latest quarterly report, 199 out of 223 tracked metro areas (89%) saw home prices rise, despite the 30-year fixed mortgage rate ranging from 6.82% to 7.22%.

While 13% of these metro areas experienced double-digit price gains, this is a notable decrease from 30% in the first quarter. One remarkable milestone was in the San Jose, California metro area, where the median single-family existing-home price reached $2,008,000. This marks the first time since NAR began tracking prices in 1979 that a metro area's median price exceeded $2 million.

The National Association of Realtors® (NAR) recently reported a significant decline in foreign investment in U.S. residential real estate. From April 2023 to March 2024, foreign buyers purchased $42 billion worth of U.S. existing homes, a decrease of 21.2% from the previous year. This period saw the lowest number of homes bought by international buyers since 2009, with only 54,300 properties purchased, marking a 36% drop.

NAR Chief Economist Lawrence Yun attributed this decline to the strong U.S. dollar, which has made American homes more expensive for foreign buyers. Overall, U.S. existing-home sales in 2023 were down 18.7% from 2022, totaling 4.09 million, the lowest level since 1995.

The National Association of Realtors® (NAR) has just announced a new collaboration with RentRedi, bringing an award-winning property management platform to its members through the NAR REALTOR Benefits® program.

Exclusive Offer for NAR Members

NAR members can now enjoy an exclusive six-month subscription to RentRedi for just $1. After the initial period, they can lock in a 50% discount on renewals every six months, making it a cost-effective solution for managing rental properties.