Equity is growing across in every corner of the country.
- Every one of the 181 cities tracked by the National Association of Realtors reported year-over-year home price gains during the third quarter of 2020.
NAR attributes these strong gains to record-low interest rates and tight housing inventory nationwide.
- Sixty-five percent of these metros, or 117 out of 181 areas, reported double-digit YOY price growth.
In fact, Bridgeport, Connecticut, saw the strongest price growth at 27.3%.
- The national median existing single-family home price rose 12% YOY, up to $313,500.
- All four major regions experienced double-digit price gains, led by the West at 13.7%
Home price have grown four times as fast as the median family income in Q3 2020.
Families need roughly $50,819 in annual income to afford a mortgage on a typical existing single-family home, up from $48,912 in the second quarter.