(NewsNation) — Metro-area homes are growing more expensive at a faster rate, according to the latest National Association for Realtors (NAR) quarterly report.
More than 80% of metro markets saw home price increases in the third quarter of 2023, compared to 58% in the previous quarter. The national median price for an existing single-family home grew 2.2% from last year to $406,900.
Along those lines, the monthly mortgage payment on a typical, existing single-family home with a 20% down payment was $2,192 — up 19.2% from a year ago, according to the report.
“Following the big price changes during the last several years, it’s natural to witness momentary swings in prices,” said NAR Chief Economist Lawrence Yun in an official statement. “Some markets that experienced sizable home price gains since 2020 have turned lower, resulting in temporary relief for prospective home buyers. Also, a few markets in the West that experienced price declines in the prior quarter have seen prices rise again.”
Yun encouraged the Federal Reserve to consider cutting interest rates and urged Congress to think about incentives to boost housing supply and inventory.
“The housing market shouldn’t be accessible only to those who are paying in cash nor become a playground for the wealthy,” Yun said.
Less than 17% of markets experienced home price declines in the third quarter, down from 41% in the second quarter.
A family needed a qualifying income of at least $100,000 to afford a 10% down payment mortgage in more than 45% of markets, up from 40.3% in the prior quarter, according to the report.