National median
$404,300
+0.5% YoY (down from +1.2% in Q4)
Subway fares are rising
71%
167 of 235 metros (down from 73% in Q4)
Metropolitan areas showing double-digit growth
7%
16 of 235 metros (up from 5% in Q4)
Subway fares are falling
27%
25% last quarter, up from 17% a year ago
typical mortgage payment
$1,979
20% less than a typical home. $140 from 1 year ago
Income spent on mortgage
21.5%
22.9% in the fourth quarter, down from 24.3% in the same period last year
First time purchaser payment
$1,943
10% Off $343,700 Starter Homes
First income share
32.5%
34.6% in the fourth quarter, down from 36.6% in the same period last year
most expensive subway
$2.03 million
San Jose, California – Sunnyvale – Santa Clara
Statement from NAR Chief Economist
“Home prices continued to rise in many markets, increasing home equity for most homeowners. Growth was particularly strong in the Northeast metropolitan areas, where inventory remains low, and in the Midwest, where home prices remain relatively affordable. However, sales growth was not seen in the more expensive West regions.”
— Dr. Lawrence Yun, NAR Chief Economist
Please share this quote with your area
“The condominium market, which slumped sharply last year, is showing signs of stabilizing and is even outpacing the single-family market in price growth in some metropolitan areas. Improving affordability is bringing buyers back to the condominium market.”
— Dr. Lawrence Yun, NAR Chief Economist
Please share this quote with your area
“Although mortgage rates are higher than they were earlier this year, rates are still well below last year’s levels. Lower mortgage rates will allow more potential buyers to qualify for and obtain a mortgage.”
— Dr. Lawrence Yun, NAR Chief Economist
Please share this quote with your area
