Home buyers’ perceptions of housing affordability have deteriorated over the last three consecutive quarters. Affordability expectations are worst in the Northeast and the South.
Home prices have posted double-digit gains over the past year. The National Association of REALTORS® reports that existing-home sales prices are up 13.3% as of September compared to a year ago. That does mark a much slower pace in appreciation compared to the more than 20% annual gains seen earlier in the year. The median existing-home price for all housing types was $352,800 in September.
The housing market remains competitive. Forty-one percent of REALTORS® report that their buyers bid above the list price in September, according to the most recent REALTORS® Confidence Index Survey.
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