![]() Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Chicago Mercantile: Certain market data is the property of Chicago Mercantile Exchange Inc. US market indices are shown in real time, except for the S&P 500 which is refreshed every two minutes. Your CNN account Log in to your CNN account “The Midwest, with relatively affordable home prices, will likely continue to see price gains.” “The more expensive markets on the West Coast will likely experience some price declines following this rapid price appreciation, which is the result of many years of limited home building,” Yun said. It was followed by San Francisco, with a median price of $1,300,000 Anaheim, California, at $1,200,000 Honolulu, at $1,127,400 and San Diego, at $900,000. San Jose, California, was the most expensive place to buy a home in the third quarter with the median price hitting $1,688,000, which was up 2.3% from a year before. The most expensive markets to buy a home were largely in the West, with half of the top 10 priciest cities in California. ![]() It was followed by the Lakeland and Winter Haven area of Florida, up 21.2% from last year Myrtle Beach, South Carolina, up by 21.1% Panama City, Florida, up by 20.5% and Daytona Beach, Florida, up by 19.6%. Sarasota, Florida, saw the biggest price jump in the third quarter, up 23.8% from a year earlier. Seven of the 10 cities with the biggest year-over-year price jumps were in Florida. Prices were up 8.2% in the Northeast, 7.4% in the West, and 6.6% in the Midwest. Prices grew in all parts of the country during the third quarter, but were up the most in the South, rising 11.9% in the third quarter from the year before, according to the report. Rates are currently hovering above 7% and expected to go up further as the Federal Reserve continues to take action to rein in inflation. ![]() The average mortgage rate for a 30-year fixed-rate loan during the third quarter – from July to September – was lower than it is now, ranging between 4.99% and 6.70%, according to Freddie Mac. ![]() That’s almost $40,000 more than it was prior to the start of the pandemic. Yun said that because of strong price growth and rising mortgage rates, the median income needed to buy a typical home rose to $88,300 in the third quarter. “Much lower buying capacity has slowed home price growth and the trend will continue until mortgage rates stop rising,” said Lawrence Yun, NAR’s chief economist. About half of cities (46%) saw double-digit increases from the year before, down from 80% of cities in the prior quarter. But the gains had slowed substantially as mortgage rates rose during that time. In case you needed more evidence of how much home prices have skyrocketed: Even as the housing market was cooling over the summer, prices still rose in 98% of US markets, according to a new report.įrom July through September, home prices increased in 181 out of 185 cities tracked by the National Association of Realtors. ![]()
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