1217 ET - Home prices increased in all 50 major U.S. metros in December for the first time since May 2022, according to Redfin. This follows a year where prices only rose in 41 metros after dropping due to high mortgage rates in 2023. Prices had hit a low in April 2023, increasing in just 19 metros. The recovery is attributed to buyers adjusting to higher rates and a housing shortage. December saw the largest annual price jump in nearly a year, with a median price of $427,670, up 6.3%. Cleveland led with a 15% rise, followed by Milwaukee, Philadelphia, Miami, and Chicago. Many sellers have a very specific number in mind because they saw during the pandemic, Redfin says. They're willing to walk away if they don't get that number, which is one factor keeping prices high. (chris.wack@wsj.com)
(END) Dow Jones Newswires
January 21, 2025 12:17 ET (17:17 GMT)
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