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 price gains. Prices are rising largely due to the combination of low mortgage rates that are attracting buyers, and a limited supply of available homes to buy.

Source: CNN November 12, 2020 19:52 UTC