{"id":6890,"date":"2017-11-01T00:00:00","date_gmt":"2017-11-01T00:00:00","guid":{"rendered":"https:\/\/amazingproperty.com.ng\/blog\/nar-home-prices-accelerate-in-third-quarter\/"},"modified":"2017-11-01T00:00:00","modified_gmt":"2017-11-01T00:00:00","slug":"nar-home-prices-accelerate-in-third-quarter","status":"publish","type":"post","link":"https:\/\/amazingproperty.com.ng\/blog\/nar-home-prices-accelerate-in-third-quarter\/","title":{"rendered":"NAR: Home Prices Accelerate in Third Quarter"},"content":{"rendered":"

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Constrained inventories are pushing up home prices at a rapid pace in nearly all major metro areas in the third quarter, the National Association of REALTORS\u00ae reported Thursday.\u00a0<\/p>\n

The national median existing single-family home price<\/a> in the third quarter was $254,000, up 5.3 percent from the median a year ago of $241,300.\u00a0<\/p>\n

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5 Priciest Housing<\/a> Markets<\/strong><\/p>\n

The following housing markets were the most expensive in the third quarter, based on the median price of an existing single-family home:<\/p>\n

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  1. San Jose, Calif.: $1.7 million<\/li>\n
  2. San Francisco: $900,000<\/li>\n
  3. Anaheim-Santa Ana, Calif.: $790,000<\/li>\n
  4. Honolulu: $760,200<\/li>\n
  5. San Diego: $607,000<\/li>\n<\/ol>\n

    5 Lowest-Cost Housing Markets<\/strong><\/p>\n

    The following housing markets were the least expensive in the third quarter:<\/p>\n

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    1. Decatur, Ill.: $86,300<\/li>\n
    2. Youngstown-Warren-Boardman, Ohio: $88,900<\/li>\n
    3. Cumberland, Md.: $96,400<\/li>\n
    4. Wichita Falls, Texas: $113,800<\/li>\n
    5. Elmira, N.Y.: $117,300<\/li>\n<\/ol>\n

      Source: National Association of REALTORS<\/a><\/em>\u00ae<\/p>\n<\/blockquote>\n

      Single-family home prices rose in 92 percent of the 177 measured markets last quarter, NAR reported. Nineteen metros saw double-digit increases in the third quarter. Only 15 metros\u20148 percent\u2014recorded lower median prices than a year earlier.\u00a0<\/p>\n

      \u201cThe stock market\u2019s climb to new record highs, the continued stretch of outstanding job growth, and mortgage<\/a> rates under 4 percent kept home buyer demand at a very robust level throughout the summer,\u201d Yun said about the results of NAR\u2019s latest quarterly report. \u201cUnfortunately, the pace of new listings<\/a> were unable to replace what was quickly sold. Home shoppers had little to choose from, and many had outbid others in order to close on a home. The end result was a slowdown in sales from earlier in the year, steadfast price growth, and weakening affordability conditions.\u201d\u00a0<\/p>\n

      Home prices are still far exceeding incomes in several parts of the country, particularly in the largest markets in the South and West, where new-home construction remains constrained compared to the job growth.\u00a0<\/p>\n

      To purchase a single-family home at the national median price, a buyer making a 5 percent down payment would need an income of $55,142, a 10 percent down payment would require an income of $52,240, and $46,435 would be required for a 20 percent down payment, according to NAR.\u00a0<\/p>\n

      At the end of the third quarter, there were 1.9 million existing homes available for sale, 6.4 percent below a year ago.\u00a0<\/p>\n

      Regional Breakdown<\/strong><\/p>\n

      The following is how existing-home sales fared across the country in the third quarter:<\/p>\n