National Association of Realtors August 21, 2023
Buyer
The National Association of REALTORS® reported that home prices continued to rise in the second quarter of 2023. National median prices fell 2.4% year-over-year to $402,600. Median home prices rose by 8.5% compared to the previous quarter. There was a total of 128 metro areas that had year-over-year price increases in the second quarter of 2023.
Monthly mortgage payments on a single-family home this quarter increased to $2,051 compared to $1,837 from a year ago. Qualifying median family income rose to $98,429 compared to the first quarter of 2023, which was $89,486 but was $88,200 a year ago. The effective 30-year fixed mortgage rate increased to 6.57% in the second quarter of 2023 compared to 5.32% one year ago. Median family incomes rose to $91,270 in the second quarter of 2023 compared to $87,181 a year ago.
Knowing the mortgage rates and the qualifying incomes for down payments will help potential homeowners figure out which metro areas are affordable for them.
Here is a look at the metro areas with the strongest price growth in the second quarter of 2023, as well as a look at the yearly change in median existing single-family home prices among the top five highest and lowest growth metro areas of the second quarter of 2023.
These are the top five single-family metro areas with the highest home price appreciation:
These are the bottom five single-family metro areas with the slowest home price appreciation:
These are the most expensive metro areas for the second quarter of 2023:
These are the least expensive metro areas for the second quarter of 2023:
For the U.S., at the 5% down-payment threshold, the qualifying income amount for the second quarter of 2023 was $116,885. At the 10% down-payment mark, the qualifying income was $110,733, and with a 20% down-payment, the income required to qualify for a mortgage was $98,429. The West led all regions with the highest qualifying income, while the Midwest had the lowest income for 5%, 10%, and 20% down payments on single-family homes.
Stay up to date on the latest real estate trends.
Lifestyle
July 26, 2024
A trip to Paris wouldn’t be complete without indulging in France’s most iconic culinary delights, from buttery croissants to fine cheeses and wine.
Buyer
July 26, 2024
Two newly published data reports are offering very different views on the best markets for rental housing.
Buyer
July 25, 2024
When 51-year-old Pazit Aviv walks her dog in her Silver Spring, Md., neighborhood, it takes an extra 30 minutes as she inevitably gets lost in an impromptu chat with a… Read more
Buyer
July 25, 2024
If you’re in the market to buy a home, there’s some exciting news for you.
Lifestyle
July 24, 2024
The success of a food or drink business is predicated on many things—quality, flavor, price and market reach, to name a few—but in a world plagued by climate change, w… Read more
Buyer
July 24, 2024
Even though data shows inflation is cooling, a lot of people are still feeling the pinch on their wallets.
We Guide Homeowners through the complicated process of selling their home using our 4 Phase Selling Process and 3 Prong Marketing Strategy that alleviates their stress and moves them effortlessly to their next destination. Schedule a 15 Minute Complimentary Strategy Session Today