November/December 2022 Real Estate Guide

Lower Eastern Shore, Md. – The Coastal Association of Realtors has announced its award of $4,250 in grants to local charities through the Coastal Realtors Foundation during its latest round of funding.

Since 2018 Coastal Realtors Foundation has given more than $60,000 to local charities in Wicomico, Worcester, and Somerset counties.

Receiving grants in the association’s latest round of funding were the Alzheimer’s Association of the Eastern Shore, Epoch Dream Center, Hope and Life Outreach, Humane Society of Wicomico County andLife Crisis Center.

The Coastal Realtors Foundation is a charitable fund held by the Community Foundation of the Eastern Shore. The association raises money for the fund through an annual charity golf tournament as well as other efforts throughout the year.

The fund is accessible to Coastal Association of Realtors members through an application process administered by the association and reviewed by a committee of members. Grant recipients must be 501(c)3 organizations and must be located in Somerset, Wicomico, or Worcester counties.

“When we started the Coastal Association of Realtors Charitable Foundation in 2018, we had no idea

the changes that we were in for in the last few years,” said Coastal President Austin Whitehead.

“The world is a very different place than it was when we started, but I am so proud of our members for continuing to support our foundation and for the Realtor community to continue to be able to give back to local non-profits that they support.

“We raise money all year long through charitable giving and through our golf tournament that was held in October. Realtors are a part of this community and we will continue to give back in every way we can.”

Grants are awarded three times a year. The next deadline is Feb. 15. The Coastal Association of Realtors Foundation is currently raising

money through a raffle for a brandnew electric bicycle. All proceeds go to the foundation and are then given to local charities. You can find a link to the raffle here https://car.betterworld.org/giveaways/riding-brandpedego-electric-bike.For more information about the Coastal Realtors Foundation, visit www.coastalrealtors.org.

Growth in home prices shows signs of slowing

An overwhelming majority of metro markets saw home price gains in the third quarter of 2022 despite mortgage rates that approached 7 percent and declining sales, according to the National Association of Realtors’ latest quarterly report.

Forty-six percent of the 185 tracked metro areas registered double-digit price increases, down from 80 percent in the second quarter .

The national median single-family existing-home price climbed 8.6 percent from a year ago to $398,500. Year-over-year price appreciation de-

celerated when compared to the previous quarter’s 14.2 percent.

“Much lower buying capacity has slowed home price growth and the trend will continue until mortgage rates stop rising,” said NAR Chief Economist Lawrence Yun. “The median income needed to buy a typical home has risen to $88,300 – that’s almost $40,000 more than it was prior to the start of the pandemic, back in 2019.”

Among the major U.S. regions, the South registered the largest share of single-family existing-home sales (44

percent) and the greatest year-overyear price appreciation (11.9 percent) in the third quarter. Prices elevated 8.2 percent in the Northeast, 7.4 percent in the West, and 6.6 percent in the Midwest.

Seven of the top 10 metro areas with the largest year-over-year price increases — all more than 18 percent — were in Florida, while half of the most expensive markets in the country were in California, with San JoseSunnyvale-Santa Clara, Calif. topping the list of average home prices at more than $1.6 million.

In the third quarter of 2022, stubbornly high home prices and increasing mortgage rates reduced housing affordability. The monthly mortgage payment on a typical existing singlefamily home with a 20 percent down payment was $1,840.

This represents a marginal increase from the second quarter of this year ($1,837), but a significant jump of $614 – or 50 percent – from one year ago. Families typically spent 25 percent of their income on mortgage payments, down from 25.3 percent in the prior quarter.