Home Prices Rose Year-Over-Year In 98% Of Metro Areas In The Third Quarter

Among the major U.S. regions, the South registered the largest share of single-family existing-home sales (44%) and the greatest year-over-year price appreciation (11.9%) in the third quarter. For a typical starter home valued at $338,700 with a 10% down payment loan, the monthly mortgage payment rose to $1,808 – nearly identical to the previous quarter ($1,807), but an increase of almost $600, or 49%, from one year ago ($1,210). First-time buyers typically spent 37.8% of their family income on mortgage payments, up from 36.8% in the previous quarter.

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