The National Association of Realtors released its third-quarter results for sales of existing homes.
They reported that in 65% of the 181 metro areas, prices experienced a double-digit increase year-over-year. Many of the largest gainers in the third quarter were reported in the atypical areas: Bridgeport, Connecticut came in number one with an increase of 27.3% year-over-year. Coming in number two is Crestwood, Florida with a 27.1% increase, followed by Pittsfield, Massachusetts, up 26.9% and Kingston, New York with a 21.5% increase. In New Jersey, Atlantic City came in number five with a soaring 21.5% increase in othe average price of a home from 2019.
At the end of Q3, only 1.47 million homes were available for sale, which is 19.2% lower than the inventory reported in 2019.
Overall the median existing price single-family home jumped to $313,500, a 12% increase from 2019.
As opposed to other periods of great appreciation, a robust economy was not attributed to be the driving force in this historic move. Generally, it is believed that the shortage all of inventory, the historic low rates for mortgages and the impact of the pandemic causing urban households to purchase homes in less densely populated areas was the cause.
The Northeast, in general, reported a 13.3% increase over 2019. The South and the Midwest came in at 11.4% and 11.1%, respectively
The gap between home prices and affordability was clearly becoming an issue toward the end of Q3 as represented by the median family income rising only 2.9% while home prices increased by double-digits.
Still the most expensive metro areas are located in California, Honolulu, Seattle, and Boulder, Colorado.
If you have any questions about this information or title insurance, please contact Ralph Aponte: 732.914.1400.
Counsellors Title Agency, www.counsellorstitle.net, founded in 1996, is one of New Jersey’s most respected title agencies, serving all 21 New Jersey counties with title insurance, clearing title, escrow, tidelands searches, and closing and settlement services for commercial or industrial properties, waterfront properties and marinas, condominiums, townhouses or residential single family homes. Counsellors Title also features its own Attorney Settlement Assistance Program™ [ASAP], which is an individual resource customized to fit the needs specifically of real estate attorneys, including, Documentation, Preparation, Disbursement of Funds, Attendance at Closing, HUD Preparation or Post-Closing Matters.
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