U.S. Home Prices Hit New Highs Amid Variations

U.S. home prices have reached a typical value of $359,741 in March 2024, marking a 1.2% year-over-year increase, while 30-year fixed mortgage rates remain high at around 6.83%. Significant variation exists across metro areas, with recent Zillow data highlighting the most expensive cities in regions like Albany, Bay City, Bremerton, Cape Girardeau, Corpus Christi, Farmington, Idaho Falls, Hagerstown, Elizabethtown, and Huntington. Home values in the Cape Girardeau area, for example, range from $37,954 to $134,131, and some cities report notable annual changes—both increases and decreases. Metro areas such as Farmington and Hagerstown show typical home values above $200,000, with year-over-year increases of 4% to 8%. These figures emphasize ongoing affordability challenges and significant regional disparities in the U.S. housing market. The persistent high mortgage rates continue to be a barrier, especially for first-time buyers and young families.