After eased price appreciation over the first half of the year, the median value on the housing market accelerated to an all-time high in the third quarter, adding to affordability concerns.
The median price for single-family homes and condominiums was $270,000 in the third quarter, an
This marks the first time since the opening quarter of 2018 that annual appreciation went above 5%.
"The seven-year U.S. housing boom is back in high gear. After a series of
"That all happened as
Median home prices increased annually in 95% of the housing markets analyzed in the report. Lansing, Mich., led all metro areas with a 25.1% increase, followed by 18.1% in Green Bay, Wis., and 16.7% in Johnson City, Tenn.
Of the markets with at least 1 million people, Philadelphia led the third quarter with a 12.3% increase. Jacksonville, Fla., followed with 10.8%, then came Detroit's 10.6% rise.
Three of the major metro areas had decreased annual appreciation. Kansas City, Mo., dropped 9.4%, San Jose, Calif., fell 3.3%, and Hartford, Conn., declined 0.3%.