Median sale prices saw huge jumps across much of the U.S. in the third quarter of the year, according to new data out from the National Association of Realtors.
The median sales price of single-family existing homes rose in 99 percent of 183 measured market areas in Q3, with double-digit price gains in 78 percent of those markets. While impressive, the double-digit gain is lower than Q2, which saw 94 percent of metro markets hitting new highs.
Three metro areas saw price gains over 30 percent from one year ago, down from 12 markets in the previous quarter.
The median sales price of single-family existing homes rose 16 percent to $363,700 compared to a year ago. All four national regions saw double-digit year-over-year price growth, led by the Northeast (17.5 percent), the South (14.9 percent), the Midwest (10.7 percent), and the West (10.3 percent).
“Home prices are continuing to move upward, but the rate at which they ascended slowed in the third quarter,” said Lawrence Yun, NAR chief economist. “I 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.”
The most expensive markets in Q3 were nearly all California-based, with San Jose-Sunnyvale-Santa Clara leading with an average sales price of $1,650,000. San Francisco-Oakland-Hayward followed closely behind at $1,350,000, followed by Anaheim-Santa Ana-Irvine at $1,100,000. Honolulu and Los Angeles round out the top five at $1,047,800 and $860,900, respectively.
The markets with the highest year-over-year price gains were Austin (33.5 percent); Naples-Immokalee-Marco Island, FL (32 percent); Boise City-Nampa, ID (31.5 percent); Ocala, FL (29.7 percent); Punta Gorda, FL (27.5 percent).