Overview
- Home prices rose year over year in 77% of 230 metro areas, and the national median existing single-family price reached $426,800, up 1.7%.
- Regional results diverged: Northeast up 6% to about $540,000, Midwest up 4.2% to about $331,100, South up 0.5% to $372,800, and West down 0.1% to $633,900.
- The median monthly mortgage payment fell to $2,187, down 2.8% from Q2 and 2.1% from a year earlier, with typical households spending 24.8% of income on payments.
- For first-time buyers, a typical $362,800 starter home with 10% down carried a $2,146 monthly payment, consuming about 37.4% of income.
- Only 4% of metros saw double-digit gains, with the biggest increases in Trenton (9.9%), Lansing (9.8%) and Long Island (9.4%), while the priciest markets remained largely in California led by San Jose at $1.915 million and Bridgeport, Connecticut as the lone East Coast top-10 entry.