{"id":19660,"date":"2021-11-15T14:56:19","date_gmt":"2021-11-15T14:56:19","guid":{"rendered":"http:\/\/www.anthonydidonato.net\/wordpress\/?p=19660"},"modified":"2021-11-15T14:56:19","modified_gmt":"2021-11-15T14:56:19","slug":"home-prices-climb","status":"publish","type":"post","link":"https:\/\/www.anthonydidonato.net\/wordpress\/home-prices-climb\/","title":{"rendered":"Home Prices Climb"},"content":{"rendered":"

Home Prices Climb<\/h1>\n

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Home prices continue to rise rapidly as homeowners see double-digit gains over the past year. The median sales price of single-family existing homes rose 16% in the third quarter, an increase of $50,300, according to the latest quarterly report from the National Association of REALTORS\u00ae. Three metros saw price gains of more than 30% compared to a year ago.<\/p>\n

The median sales price of a single-family\u00a0existing home rose to $363,700 in the third quarter, which does mark a slower pace in comparison to the prior quarter. Still, all four major regions of the U.S. posted double-digit year-over-year growth, led by the Northeast (17.5%), followed by the South (14.9%), Midwest (10.7%), and the West (10.3%), NAR reports.<\/p>\n

\u201cHome prices are continuing to move upward, but the rate at which they ascended slowed in the third quarter,\u201d says Lawrence Yun, NAR\u2019s chief economist. \u201cI expect more homes to hit the market as early as next year, and that additional inventory, combined with higher mortgage rates, should markedly reduce the speed of price increases.\u201d<\/p>\n

Still, buyers are not letting the higher prices scare them off. \u201cWhile buyer bidding wars lessened in the third quarter compared to early 2021, consumers still faced stiff competition for homes located in the top ten markets,\u201d Yun says. \u201cMost properties were only on the market for a few days before being listed as under contract.\u201d<\/p>\n

Housing Markets With the Steepest Gains<\/strong><\/p>\n

The following metros saw the highest year-over-year home price gains in the third quarter, according to NAR:<\/p>\n