The National Association of Realtors say an overwhelming majority of metro markets (98%) saw home price gains in Q3 2022 despite rising mortgage and declining sales. In fact, they report that 46% of the tracked metro areas saw double-digit price increases, which was down from 80% in Q2, 2022. The national median single-family existing-home price was $398,500, up 8.6% from one year ago.
“Much lower buying capacity has slowed home price growth and the trend will continue until mortgage rates stop rising…The median income needed to buy a typical home has risen to $88,300 – that’s almost $40,000 more than it was prior to the start of the pandemic…” Said Lawrene Yun, the NAR’s Chief Economist.
Click here to read the full report at the National Association of Realtors.