3rd Quarter Existing Home Prices Continue To Rise

3rd Quarter Existing Home Prices Continue To Rise

Home Prices Keep Rising. Up 5.3 Percent in Q3

Briefly:  (Source - National Association of REALTORS® (NAR)),

  • 3rd Qtr home prices up 5.3 percent,

  • Continuing robust homebuyer demand throughout the summer was supported in good measure by,

    • Record high stock market,

    • Record low unemployment,

    • High job growth,

    • Under 4% mortgage rates.

  • On the downside,

    • Slow pace of new listings continued,

    • Listings sold quickly putting upward pressure on prices,

    • Resulting with a slowdown in sales compared to earlier quarters and weakening affordability,

    • Home prices in several parts of the country far exceed incomes; especially in the South and West areas of the country.

  • Other data:

    • Single-family prices up in 92% of the defined markets,

    • 11% of the metro areas experienced double-digit increases,

    • Nationally median existing homes price was $254,000,

    • Median existing condos price was $237,200,

    • West – prices grew at the highest year-over-year rate of 7%,

    • West – median price of $373,700,

    • Midwest – prices grew at 5.6%,

    • Midwest – median price was $202,400,

    • South – prices grew at 5.5%,

    • South -  median price was $226,100,

    • Northeast – prices grew at 4.1%,

    • Northeast – median price was $283,300.

  • 3rd quarter affordability remained weak,

    • Buyers with a 5% down payment would need an income of $55,142 at the national median price,

    • Buyers with 10% down would need an income of $52,240,

    • At 20% an income of $46,435.

    • Areas experiencing high job growth rate and raising incomes continue to cause increasing affordability problems.

  • Final notes,

    • Existing home sales (single-family & condos) fell 3.1% in quarter 3,

    • Available existing homes for sale were down 6.4% year-over-year,

    • 3rd quarter sales numbered 1.9 million,

    • Available inventory averaged around 4.2 months.

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Dated: November 7th 2017
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