Home prices rose this summer across the nation

Posted at 11:07 AM, Nov 12, 2022
and last updated 2022-11-12 14:07:32-05

(KERO) — Home prices across the U.S rose this summer, despite the housing market cooling. That's according to a new report by the National Association of Realtors.

It tracked home prices in 185 cities over the summer and found prices increased in all but four cities. Nearly half the cities saw double-digit increases from 2020.

The price jumps have since slowed substantially due to the rise in mortgage rates. But, experts say because of both rising prices and rates, the median income now needed to buy a typical home is 88, 300 dollars.

That's almost 40 thousand dollars more than it was prior to the start of the pandemic.