Median sale price for US homes saw biggest jump in over a year
US median mortgage payment fell to lowest level in almost a year in December
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Pulte Capital CEO Bill Pulte argues that home prices in the new year won't be going down significantly.
The median U.S. sales price for homes jumped in December, the biggest increase in over a year.
For the four-week period ending on December 31, the median sales price for homes in the U.S. rose 4.4% to $363,371, according to recent data from real estate brokerage Redfin. That marked the biggest rise in the median sales price since October 2022.
During those four weeks, Newark, New Jersey, had the biggest year-over-year increase in median sales price, rising 18.2%. Anaheim, California, wasn't far behind, with the metro seeing the median sales price rise 18.1% during the same period.
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Other metros that had the biggest increases included West Palm Beach, Fort Lauderdale and Miami, Florida, with prices rising 15.2%, 15.1% and 11.7%, respectively, according to the data.
A house on the market. (Photo by Stephen Brashear/Getty Images for Redfin / Getty Images)
There were only four metros that saw a drop in the median sales price during that period.
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Those metros included Fort Worth and Austin, Texas, which saw the median sales price decline 3.1% and 1.7%, respectively, during the four-week period.
New homes under construction in Arcola, Texas, on Tuesday, July 12, 2022. (Photographer: Mark Felix/Bloomberg via Getty Images / Getty Images)
San Fransisco and Denver also saw respective decreases of 1.1% and 0.4%.
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However, during the four-week period in December, Redfin noted that the median housing payment still fell to the lowest level in nearly a year.
The median mortgage payment for a home in the U.S. during the period ending on December 31 was $2,361. That was down nearly $400 from October, which helped to pull some buyers back into the market, according to the brokerage.