Home prices in San Jose, California, have soared to record levels in the second quarter of 2024, according to the National Association of Realtors, part of a trend that saw most metro areas of the U.S. record gains even as a rise in mortgage rates have made home loans more expensive.The median price for a previously-owned single-family home in San Jose rose to a little more than $2 million, NAR revealed in a report published Tuesday.
'NAR pointed out that median prices for existing single-family properties nationwide shot up nearly 5 percent to a little more than $422,000.Regionally, NAR reported that the South had the largest share of single-family existing-home sales in the second quarter at 45.5 percent with a price appreciation of 2.3 percent. The northeast reported a price jump of nearly 10 percent in home prices, the midwest jumped 5.5 percent and the west increased 5.4 percent.