Rising mortgage rates did not prevent approximately nine out of 10 metro markets from registering single-family, existing home price gains in Q4 2022, according to the National Association of Realtors (NAR).
Mortgage rates eclipsed 7% in the quarter, and had fallen to 6.5% on Friday, according to Mortgage Daily News.
NAR Chief Economist Lawrence Yun said in prepared remarks that a slowdown in home prices is underway and welcomed, particularly as the typical home price has risen 42% in the past three years.
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