The nation’s median existing single-family home price climbed to $313,500 in the third quarter, up 12% from a year ago, according to a report from the National Association of Realtors. At that price, a family would need to pay $1,059 for a monthly mortgage payment and would need to earn $50,819 a year to afford it.
Home prices grew four times as fast as median family income, which increased at a rate of 3%.
The median sale prices of existing single-family homes rose from a year ago in all 181 metro areas measured in the report, and 65% saw double-digit … Read MORE