Tag: buyers

Bad news for home buyers: Prices are going up everywhere

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

Surprise drop in September home sales as buyers get priced out

A Sale Pending sign is seen in front of a home in Miami, Florida.

Joe Raedle | Getty Images

Potential homebuyers may be hitting the limit of what they can afford. Pending home sales, a measure of signed contracts on existing homes, fell 2.2% in September compared with August, according to the National Association of Realtors.

It was the first monthly decline in 4 months. Analysts had expected a small monthly gain. Pending sales were 20.5% higher annually.

The Northeast, which is seeing distinct urban flight from New York City amid the coronavirus pandemic, was the only region to post

Read MORE