Economists' Outlook

Housing stats and analysis from NAR's research experts.

Third Quarter Single Family Metro Market Prices

The National Association of REALTORS® reported that quarterly home prices increased again this past quarter. Prices continued to rise, with 93% of the markets showing home price appreciation. National median prices rose 5.1% year over year to $280,200. The Midwest (7.9%) and South (5.4%) had the fastest price growth.  Despite the growth in home prices, housing affordability improved as a result of lower mortgage rates. Knowing the mortgage rates and the qualifying incomes for down payments will help potential homeowners figure out what metro areas are affordable for them. Here is a look at the metro areas with the strongest price growth in the third quarter 2019, 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 third quarter 2019.

These are the top five single-family metro areas with the highest home price appreciation:

Bar chart: Single-Family Median Sales Price Year-Over-Year Percent of Change

These are the bottom five single-family metro areas that had a decline in home price appreciation:

Bar chart: Single Family Median Sales Price Year-Over-Year Percent Change

These are the most expensive metro areas for the third quarter 2019:

Bar chart: Most Expensive Single-Family Markets in Thousands of Dollars

These are the least expensive metro areas for the third quarter 2019:

Bar chart: Least Expensive Single-Family Markets in Thousands of Dollars

Qualifying Income Based on Sales Price of Existing Single family Homes for Metropolitan Areas by Region

Bar chart: Qualifying Income Based on Sales Price of Existing Single-Family Homes

For the US, at the 5% down-payment threshold, the qualifying income amount for the third quarter of 2019 was $59,352. At the 10% down-payment mark, the qualifying income was $56,228 and with a 20% down-payment, the income required to qualify for a mortgage was $49,981. 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 a single-family home.

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