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.
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