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Up, Up, and away Home prices soared in all 50 major metros in December A Redfin report found that Cleveland saw the biggest jump in December, as the budget-friendly market heats up. Hyunsoo Rim 1/22/25 11:01AM Per Redfin’s latest report, the median US home price jumped 6.3% year over year in December, with prices rising in all 50 of the most populous metros, the first time that’s happened since May 2022’s pandemic home-buying boom. What’s most remarkable about the continued rise in house prices is that it’s happening despite the fact that we’re no longer in the low-interest-rate era that dominated much of the 2012-2022 decade — the average 30-year fixed mortgage rate in the US shot past 7% again last week, a far cry from the ~3% level in 2021. Meanwhile, inventories simply can’t keep up with demand, new housing construction continues to fall, and many home sellers are willing to hold out for the price they want, having seen their neighbors sell for thousands over the asking price during the pandemic, per Redfin.