The National Association of Realtors® reported 23 metro areas in the second quarter saw double-digit increases in the median home prices, and overall, there were slightly more rising markets in the second quarter compared to the first quarter.
■ For the second quarter of 2017, there was a rise in the national family median income to $71,529.
■ To purchase a single-family home at the national median price, a buyer making a 5% down payment would need an income of $56,169.
■ To purchase a single-family home at the national median price, a buyer making a 10% down payment would require an income of $53,213.
■ To purchase a single-family home at the national median price, a buyer making a 20% down payment would require an income of $47,300.
The 5 Most Expensive Housing Markets
■ San Jose, California, with a median existing single-family price of $1,183,400
■ San Francisco, California, with a median existing single-family price of $950,000
■ Anaheim-Santa Ana, California, with a median existing single-family price of $788,000
■ Urban Honolulu, with a median existing single-family price of $760,600
■ San Diego, California, with a median existing single-family price of $605,000
The 5 Least Expensive Housing Markets
■ Youngstown-Warren-Boardman, Ohio, with a median existing single-family price of $87,000
■ Cumberland, Maryland, with a median existing single-family price of $98,200
■ Decatur, Illinois, with a median existing single-family price of $107,400
■ Binghamton, New York, with a median existing single-family price of $109,000
■ Elmira, New York, with a median existing single-family price of $111,600
In addition to the upward trend for median existing home prices and sales, metro area condominium and cooperative prices improved by 5.4% overall to $239,500 from $227,200 in the second quarter of 2016.
The Northeast
The National Association of Realtors® reported, “Total existing-home sales in the Northeast rose 1.3 percent in the second quarter and are 0.4 percent above the second quarter of 2016. The median existing single-family home price in the Northeast was $282,300 in the second quarter, up 3.2 percent from a year ago.”
NAR began tracking of metropolitan area median single-family home prices in 1979; the metro area condo price series dates back to 1989.