The National Association of REALTORS ® (NAR) tells us that home prices increased nearly +4% in April 2019 when compared with one year ago. That +4% increase translated into a median home price of $254,800 nationwide.

 Lawrence Yun, chief economist with NAR, said, “Homeowners in the majority of markets are continuing to enjoy price gains, albeit at a slower rate of growth. A typical homeowner accumulated approximately +$9,5000 in (home equity) wealth over the past year.”

Single-family home prices rose in 86% of the nation’s housing markets in Q1 2019. 13% of the country’s metros experienced double-digit gains.

Median family incomes rose to $77,752/year during Q1 2019. How those incomes translated into differential down payment percentages looked like this, According to NAR:

  • A buyer making a 5% down payment would need an annual income of $60,143.
  • A buyer making a 10% down payment would need an annual income of $56,978.
  • A buyer making a 20% down payment would need an income of $50,647.

The Five Priciest Metros in Q1 2019 were

  • San Jose – Sunnyvale – Santa Clara with median existing single-family price of $1,220,000
  • San Francisco – Oakland – Hayward with median existing single-family price of $930,000
  • Anaheim – Santa Ana – Irvine with a median existing single-family price of $800,000
  • Urban Honolulu with median existing single-family price of $794,100
  • San Diego – Carlsbad with median existing single-family price of $620,000

The Five Lowest Cost Metro Areas in Q1 2019 were…

  • Decatur IL with median existing single-family price of $80,800
  • Youngstown – Warren – Boardman OK with median existing single-family price of $89,200
  • Elmira NY with median existing single-family price of $90,400
  • Cumberland MD with median existing single-family price of $99,300
  • Binghamton NY with median existing single-family price of $107,200

In terms of a regional breakdown…

  • The Northeast saw median existing sales prices drop to $683,000, a decrease of -1% compared with one year ago.
  • The Midwest saw median existing sales prices jump to

$194,000, an increase of +3.9% compared with one year ago. The volume of existing sales fell -4% in Q1 2019, -5.5% below the volume of existing sales compared with one year ago.

  • The South saw median existing sales prices increase to $225,700, a +2.5% increase from one year ago. Existing sales increased to +4.3% in Q1 2019 BUT are down -5.5% compared with one year ago.
  • The West saw existing sales increase +2.8% although, compared with one year ago, sales of existing homes are down -10.7%. The median existing sales price rose to $384,300, an increase of +3.5% y/y.