Real Estate Magazine - Inside Real Estate - December 2021

Page 78

Long Beach-Glendale, California ($860,900); San Diego-Carlsbad, California ($850,000); Boulder, Colorado ($769,400); Seattle-TacomaBellevue, Washington ($708,400); Bridgeport-Stamford-Norwalk, Connecticut ($658,900); and BostonCambridge-Newton, MassachusettsNew Hampshire ($657,800).

Most Metro Areas Saw Double-Digit Home Price Growth in Q3

M

By RISMedia Staff

edian sales prices for existing, single-family properties increased in the third quarter of 2021, primarily driven by high homebuyer demand and persisting supply shortages, according to the latest quarterly report from the National Association of REALTORS® (NAR). The report also found that 78% of 183 markets experienced doubledigit year-over-year price growth— fewer than in the previous quarter (94%). Key Findings: Median sales price of single-family existing homes increased 16% YoY to $363,700. Regionally, growth was led by the Northeast (17.5%) and the South (14.9%), followed by the Midwest (10.7%) and the West (10.3%). The markets with the highest YoY gains were: Austin-Round Rock, Texas (33.5%); Naples-ImmokaleeMarco Island, Florida (32%); Boise 76 December 2021 RISMedia’s REAL ESTATE

City-Nampa, Idaho (31.5%); Ocala, Florida (29.7%); Punta Gorda, Florida (27.5%); Salt Lake City, Utah (26.2%); Phoenix-Mesa-Scottsdale, Arizona (25.8%); Sebastian-Vero Beach, Florida (25.7%); Port St. Lucie, Florida (24.9%); and New YorkJersey City-White Plains, New YorkNew Jersey (24.5%). The most expensive markets in Q3 were San Jose-Sunnyvale-Santa Clara, California ($1,650,000); San Francisco-Oakland-Hayward, California ($1,350,000); Anaheim-Santa Ana-Irvine, California ($1,100,000); Urban Honolulu, Hawaii ($1,047,800); Los Angeles-

The Takeaway: “Home prices are continuing to move upward, but the rate at which they ascended slowed in the third quarter,” said Lawrence Yun, NAR chief economist, in a statement. “I expect more homes to hit the market as early as next year, and that additional inventory, combined with higher mortgage rates, should markedly reduce the speed of price increases. “While buyer bidding wars lessened in the third quarter compared to early 2021, consumers still faced stiff competition for homes located in the top 10 markets,” said Yun. “Most properties were only on the market for a few days before being listed as under contract.” As home prices increase, as do mortgages, overall affordability is impacted as well. NAR reports that the average monthly mortgage payment on an existing single-family home—financed with a 20% down payment, 30-year fixed-rate loan— increased to $1,214 (up $156 from one year ago). “For the third quarter—and for 2021 as a whole—home affordability declined for many potential buyers,” said Yun. “While the higher prices made it extremely difficult for typical families to afford a home, in some cases, the historically low mortgage rates helped offset the asking price.” RE

For more information, please visit www.nar.realtor.


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Articles inside

RE: Real Estate—2021: The

3min
pages 114-116

Service Profiles

42min
pages 102-113

Sarah Michelle Bliss

2min
page 101

Reed Martin – Business

2min
page 100

Steve Wagner and Jamie

3min
page 94

Verl Workman – Planning for a Successful 2022: Implementing Lessons Learned

2min
page 99

Verl Workman – The

2min
page 95

Larry Schottenstein and Chris

2min
page 93

Amy Hummer, Better Homes and Gardens Real Estate Steinborn & Associates

2min
page 92

Jim Sparkman and Mark

2min
page 91

Daniel Ramsey – A Day in the

2min
page 85

Rick Haase – The Future of Real Estate Is Now

2min
pages 87-88

Allen Alishahi – Moving

2min
page 86

Kathleen Kuhn – Giving

2min
pages 83-84

Carol Mellander, Broker

2min
page 90

Michael Minard – How to

2min
page 81

Wendy Forsythe – A Mindset

2min
page 82

Mike Ryan – American Pie: The Main Course for 2022?

2min
page 89

Labor Issues in Construction a Crisis for Housing

2min
pages 79-80

Most Metro Areas Saw Double-Digit Home Price Growth in Q3

2min
page 78

Leave a Lasting Impression A Guide to Closing Gifts

5min
pages 72-73

How 1REport Empowers Agents for Success in the Digital Era

5min
pages 74-75

Global Spotlight: The Resurgence of the 15-Minute City

4min
pages 76-77

How to Organically Capture Luxury Real Estate Leads

3min
pages 70-71

REALTORS® Take the Lead Before the Need

3min
pages 68-69

How Accessible Is the American Dream for the Disabled?

5min
pages 66-67

Transforming the Home Buying Experience for Agents and Consumers Alike

4min
pages 64-65

The Next Big Step: Guiding Seniors Through the Real Estate Process

4min
pages 60-61

Climbing Mortgage Rates Strain Buying Power in 2022

4min
pages 62-63

Investment and Lifestyle Spur Migration Back to NYC

3min
pages 56-57

How Brokerages Are Tackling ‘Bait-and-Switch’ Recruiting

6min
pages 58-59

Technology and People Team Up

12min
pages 46-51

Real Estate Webmasters

2min
page 43

Constellation1: Technology

3min
pages 44-45

Rocket Mortgage: A Seamless

3min
page 42

Propertybase: Prioritizing the Human Side of Real Estate With a Streamlined Tech Stack

3min
page 41

Curbio: Revolutionizing Home Renovation

3min
page 40

Verl Workman – Tracking and Measuring Critical Data Is Key to Reaching Your Goals

5min
pages 35-38

Terri Murphy – How Past

2min
page 34

BoomTown: Leaning on Data to Grow Your Brokerage

2min
page 39

Darryl Davis – The True Purpose of Fear

2min
page 33

Sherri Johnson – 4 Ways to

2min
page 32

Brian Buffini – Goal-Setting

2min
page 31

Power Broker Perspectives

1min
pages 28-30

NAR Power Broker Roundtable

3min
pages 14-15

Great Spaces

2min
pages 20-22

Policy & Legal Matters: The

2min
page 23

Meet the Newsmakers: RISMedia

1min
page 19

REBAC Report: 3 Guidelines That Will Keep You Connected to Former Clients

3min
pages 24-27

Marketwatch

1min
page 13

Women in Real Estate: Shattering the

2min
pages 16-18

From the Publisher

5min
pages 9-12
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