The median down payment increased to $19,900 for financed single-family homes and condominiums in Q2 2018. Not only is this $19,900 median down payment an increase of +19% from $16,750 in Q1 2018 and an increase of +18% from $16,925 in Q2 2017, this $19,900 median down payment is a new record high that goes back to Q1 2000, the first year this data was available.
This median down payment of $19,900 translates into a +7.6% median sales price, up +6.6% from Q1 2018 and up +6.6% in Q2 2017. This median sales price is at its highest level since Q3 2003, a nearly 15 year high.
Among the 103 metros analyzed, the biggest median down payments made for homes and condos were in…
- San Jose – $306,00
- San Francisco $220,000
- Seattle – $130,000
- Oxnard/Ventura – $115,400
- Boulder – $107,750
Metros with median down payments of $60,000 or more were…
- San Diego – $90,400
- Boston – $79,925
- Seattle – $70,100
- Fort Collins – $68,050
- Bridgeport – $63.550
- New York City – $62,108
- Naples – $60,000
Notice that Seattle overlaps between the two price points and that California takes the top 4 spots among metros with the largest median down payments as well as the top spot among metros with median down payments of $60,000 and above.
Another interesting statistic not often reported is that co-buyers (unmarried and/or multiple buyers) represented 17.6% of total home sales during Q2 2018. This is a very slight increase, just +. 2%, of 17.4% co-buyers in Q1 2018.
The average, not the median, down payment made by co-buyers in Q2 2018 was $63,117…51% higher than the average, not the median, down payment of $41,749 for homes purchased by other categories of buyers.
This average down payment of $63,117 sounds BIG but look at the metros where the highest share of co-buyers purchased their homes in Q2 2018.
- San Jose – 49.3%
- San Francisco – 39.1%
- Honolulu – 31.8%
- Seattle – 29.5%
- Miami – 29.1%
On the other end of the loan spectrum, FHA loan decreased to its lowest share numbers of total sales since 2008. VA loans also decreased to 5.2% of total loans in Q2 2018 from 6.2% of total loans in Q1 2018 and 6.4% of total loans in Q2 2017.
