SOURCE: Realty+

The National Association of REALTORS® reported that home prices continued to rise in the third quarter of 2022. Forty-six percent of the metro markets posted double-digit annual price appreciation this quarter compared to 80% in the previous quarter. National median prices rose 8.6% year over year to $398,500. While median home prices rose by 8.6%, year-over-year price appreciation decelerated compared to the previous quarter’s 14.2%.

This quarter’s monthly mortgage payments on a single-family home increased to $1,840 compared to $1,226 from a year ago. Qualifying median family incomes rose to $88,331 compared to the second quarter of 2022, which was $88,200, and $58,826 a year ago. The effective 30-year fixed mortgage rate increased to 5.65% in the third quarter of 2022 compared to 2.92% one year ago.