As home prices and mortgage rates continued to rise, affording a home became even more difficult during the fourth quarter.
Of 183 metro areas tracked, 67% saw double-digit growth in median home prices during the fourth quarter, down from 78% in the prior quarter and 94% the quarter before, according to a report from the National Association of Realtors.The median price of a home was $361,700 in the fourth quarter, up 14.6% from a year earlier. But it was still a slower pace of growth compared to the third quarter, when median prices rose 15.9% year-over-year.
Here's how much house you can afford in your areaThe most expensive cities got more expensive, with nine of the top 10 priciest cities seeing surges in the double digits. The priciest city in the fourth quarter continued to be San Jose, California, with a median home price of $1,675,000, which was up 19.6% from the previous year.
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