"NAR reported that home-price appreciation was flat between the second and third quarters. On a year-over-year basis, the median price for an existing single-family home reached $426,800, up 1.7%. These gains varied significantly by location. In the Northeast, the median home price was up 6% year over year to $540,000. In the Midwest, prices rose 4.2% to $331,100. In the South, the median price of $372,800 was up slightly (0.5%), while the West saw prices backtrack by 0.1% to $633,900."
"Markets in the supply-constrained Northeast and the more affordable Midwest have generally seen stronger price appreciation. Price declines are occurring mainly in southern states, where there has been robust new home construction in recent years, he added. Given the region's faster job growth, these price drops should be viewed as temporary and as a second-chance opportunity for those previously priced out of the market."
Home-price appreciation was flat between the second and third quarters. The median price for an existing single-family home reached $426,800, up 1.7% year over year. Regional changes included Northeast +6% to $540,000, Midwest +4.2% to $331,100, South +0.5% to $372,800, and West -0.1% to $633,900. Home sales have struggled, but prices continue to rise, contributing to record-high housing wealth. Supply-constrained Northeast and more affordable Midwest markets have seen stronger appreciation, while price declines have occurred mainly in southern states with robust recent new construction. Among 230 metro areas, ten posted at least 7.7% annual gains, led by Trenton, Lansing, and Nassau-Suffolk. The most expensive metros remain on the West Coast, with San Jose at $1.915 million. The ongoing cost of homeownership declined on a national basis.
Read at www.housingwire.com
Unable to calculate read time
Collection
[
|
...
]