2022-11-24 17:32:23

This Was the Median Home Sale Price in October 2022. Could You Afford It?

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Nasdaq
By The Motley Fool

Image source: Getty Images

It's really not a secret that home prices have been elevated on a national level for several years now. Those price hikes started up during the second half of 2020, when mortgage rates plunged to record lows and buyer demand started surging.

But while mortgage loans were affordable from an interest rate perspective in 2020 and 2021, this year, they've gotten almost unbelievably expensive. These days, the average 30-year mortgage will cost you around 7%. Compare that to the 3% rate you might've been looking at a year ago, and it's easy to see why homeownership might seem out of reach.

Meanwhile, in October, the median existing home sale price was $379,100, according to data from the National Association of Realtors. That represents a 6.6% increase from Oct. 2021. And since it's much more expensive to borrow via a mortgage now than it was in October 2021, you may have no choice but to bow out of the housing market until prices cool off and mortgage rates start to drop.

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