National median home prices rose 8.6% year-over-year to $398,500 in the third quarter of 2022, and while annual appreciation continues to post consecutive highs, the earlier gain is well below the previous quarter's 14.2% increase. Forty-six percent of the 185 metro areas tracked by the National Association of Realtors (NAR) posted double-digit annual price appreciation in the third quarter, down from 80% in the previous quarter, NAR reports.
Sunny metros like North Port-Sarasota-Bradenton, FL, Lakeland-Winter Haven, FL, and Myrtle Beach-Conway-North Myrtle Beach, SC saw the highest home appreciation in the country with gains of 23.8%, 21.2%, and 21.1%, respectively. By contrast, Boise City-Nampa, ID, Binghamton, NY, and San Francisco-Oakland-Hayward, CA recorded the slowest home price appreciation with Q3 gains of 0.6%, -1.1%, and -3.7%, respectively.
This quarter's monthly mortgage payments on a single-family home increased to $1,840 compared to $1,226 from a year ago. Qualifying median family incomes rose to $88,331 compared to the second quarter of 2022, which was $88,200, and $58,826 a year ago. The effective 30-year fixed mortgage rate increased to 5.65% in the third quarter of 2022 compared to 2.92% one year ago.
Advertisement
Related Stories
Housing Markets
Metros Where Housing Prices Have Doubled in Less Than 10 Years
Historical data show it's taken less than 10 years for home prices to double in 68 of the country’s 100 largest cities
Affordability
The Disappearing Act That Is Middle-Income Housing
An expert weighs in on the diminishing supply of middle-income housing, which is particularly acute in California, and what to do about it
Market Data + Trends
A Look at Homeownership Rates Across the Nation
Data for homeownership rates in the 100 largest US cities show Port St. Lucie, Fla., in the top spot, while West Virginia is the state with the most homeowners
