The National Association of REALTORS ® (NAR) informs us that national median prices increased y/y to $280,800 in Q3 2019. The fastest home price appreciation growth areas during this period were the Midwest at +7.9% and the South at +5.7%.
The top areas in the country with the most price appreciation in Q3 2019 included…
- Montgomery AL – +12.6%
- Spokane and Spokane City WA – +12.6%
- Yakima WA – +12.0%
- Salt Lake City UT – +12.0%
- Wichita KS – +11.4%
Although price growth is clear, affordability improved during Q3 because of lower mortgage rates.
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The bottom areas in the country with the least price appreciation in Q3 2019 included….
- Bloomington IL – -3.0%
- Cumberland MD – -4.5%
- San Jose-Sunnyvale-Santa Clara CA – -4.6%
- Elmira NY – -5.3%
- Peoria IL – -5.9%
The most expensive single-family markets in the country during Q3 2019 included…
- San Jose-Sunnyvale-Santa Clara – $1,240,000
- San Francisco-Oakland – $964,000
- Anaheim-Santa Ana-Irvine – $826,000
- Honolulu (Urban) – $814,000
- Los Angeles-Long Beach-Glendale – $650,000
The least expensive single-family metros during Q3 2019 included…
- Peoria IL – $124,000
- Elmira NY – $115,000
- Decatur IL – $108,000
- Youngstown-Warren OH-PA – $107,000
- Cumberland MD-WV – $105,000
Regionally, qualifying incomes for down payments based upon sales prices…
- In the US
- 5% down – $59,352
- 10% down – $56,228
- 20% down – $49,981
- In the Northeast
- 5% down – $65,410
- 10% down – $61,968
- 20% down – $55,082
- In the Midwest
- 5% down – $47,194
- 10% down – $44,710
- 20% down – $39,742
- In the South
- 5% down – $52,277
- 10% down – $49,526
- 20% down – $44,023
- In the West
- 5% down – $87,164
- 10% down – $82,572
- 20% down – $73,401
Thanks to NAR’s research specialist Michael Hyman for source data.
Also read: Opendoor Broadening Focus on Older, Pricier Houses in Los Angeles, Redfin and Zillow Group Earnings Reports – Q3 2019, “Aging in Place” Cutting into Senior Living Developments
