Single-Family Home Prices Had Price Gains in 82.4% of 221 Metro Areas in 2023 Q3
The National Association of REALTORS® reported that home prices continued to rise in the third quarter of 2023. National median prices rose 2.2% year over year to $406,900. Median home prices rose by 1.1% compared to the previous quarter. A total of 182 metro areas had year-over-year price increases
NAR Finds Typical Home Buyer's Annual Household Income Climbed to Record High of $107,000 in Wake of Rising Home Prices and Mortgage Rates
Key Highlights First-time buyers made up 32% of all home buyers, up from last year’s historic low of 26%, but still below the average of 38% since 1981. The typical down payments for first-time (8%) and repeat (19%) buyers were the highest since 1997 and 2005, respectively. Eighty-nine percent of bo
Instant Reaction: Mortgage Rates, November 9, 2023
Housing consumers have a bit of relief this week as the 30-year fixed mortgage interest rate dipped lower to 7.5%, falling one-quarter of a percent and hitting the lowest point in a month. Despite this, home buyers are facing a more expensive housing market than last year. Based on NAR’s Quarterly R
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