The National Association of REALTORS ® (NAR) informs us that national median prices increased y/y to $280,800 in Q3 2019. The fastest home price appreciation growth areas during this period were the Midwest at +7.9% and the South at +5.7%.

The top areas in the country with the most price appreciation in Q3 2019 included…

  • Montgomery AL – +12.6%
  • Spokane and Spokane City WA – +12.6%
  • Yakima WA – +12.0%
  • Salt Lake City UT – +12.0%
  • Wichita KS – +11.4%

Although price growth is clear, affordability improved during Q3 because of lower mortgage rates.

The bottom areas in the country with the least price appreciation in Q3 2019 included….

  • Bloomington IL – -3.0%
  • Cumberland MD – -4.5%
  • San Jose-Sunnyvale-Santa Clara CA – -4.6%
  • Elmira NY – -5.3%
  • Peoria IL – -5.9%

The most expensive single-family markets in the country during Q3 2019 included…

  • San Jose-Sunnyvale-Santa Clara – $1,240,000
  • San Francisco-Oakland – $964,000
  • Anaheim-Santa Ana-Irvine – $826,000
  • Honolulu (Urban) – $814,000
  • Los Angeles-Long Beach-Glendale – $650,000

The least expensive single-family metros during Q3 2019 included…

  • Peoria IL – $124,000
  • Elmira NY – $115,000
  • Decatur IL – $108,000
  • Youngstown-Warren OH-PA – $107,000
  • Cumberland MD-WV – $105,000

Regionally, qualifying incomes for down payments based upon sales prices…

  • In the US
    • 5% down – $59,352
    • 10% down – $56,228
    • 20% down – $49,981
  • In the Northeast
    • 5% down – $65,410
    • 10% down – $61,968
    • 20% down – $55,082
  • In the Midwest
    • 5% down – $47,194
    • 10% down – $44,710
    • 20% down – $39,742
  • In the South
    • 5% down – $52,277
    • 10% down – $49,526
    • 20% down – $44,023
  • In the West
    • 5% down – $87,164
    • 10% down – $82,572
    • 20% down – $73,401

 

Thanks to NAR’s research specialist Michael Hyman for source data.