Single-family existing-home sales prices increased in 87% of measured metro areas in the third quarter, down from 89% in the prior quarter, according to the National Association of Realtors (NAR).
The national median single-family existing-home price grew 3.1% from a year ago to $418,700.
Fifteen markets (7%) experienced double-digit annual price appreciation – down from 13% in the previous quarter, according to NAR’s data.
The monthly mortgage payment on a typical, existing single-family home with a 20% down payment was $2,137 – down 2.4% from one year ago.
The 30-year fixed mortgage rate ranged from 6.08% to 6.95% during the third quarter.
“Home prices remain on solid ground as reflected by the vast number of markets experiencing gains,” says Lawrence Yun, chief economist for NAR, in a statement. “A typical homeowner accumulated $147,000 in housing wealth in the last five years. Even with the rapid price appreciation over the last few years, the likelihood of a market crash is minimal. Distressed property sales and the number of people defaulting on mortgage payments are both at historic lows.”
Among the major U.S. regions, the South registered the largest share of single-family existing-home sales (45.1%) in the third quarter, with year-over-year price appreciation of 0.8%.
Prices also increased 7.8% in the Northeast, 4.3% in the Midwest and 1.8% in the West.
The top 10 metro areas with the largest year-over-year median price increases, which can be influenced by the types of homes sold during the quarter, all experienced gains of at least 10.6%.
Nearly 13% of markets experienced home price declines in the third quarter, up from almost 10% in the second quarter.
Photo: David Nieto