Double-digit home price increases see most U.S. markets

Double-digit home price increases see most U.S. markets

Double-digit home price increases see most U.S. markets
The cost of buying a home is getting more expensive all around the nation and in the vast majority of the housing markets in the U.S., those price increases are crossing in to double-digit territory. According to a report from the National Association of Realtors, 88 percent of the 161 major metropolitan markets trackers posted double-digit price increases on an annual basis during Q4 2020.

The national median existing-home prices climbed nearly 15 percent from the previous quarter, according to NAR. But it high-priced markets like San Diego, the price increases were much steeper. In fact, as of the end of last year, the greater San Diego metro area was the fifth most expensive place to buy in a home in the U.S. with a median home price of $740,000.

In order to buy a home in San Diego without breaking the budget, a family in San Diego would need an annual income of no less than $117,865.

Today, conforming no-point 30-year fixed mortgage rates are averaging 2.75 percent and 15-year rates are near 2.25 percent.

Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.