The National Association of REALTORS® reported that home price growth remained strong for the second quarter of 2022. Prices continued to rise, with 80% of the markets showing double-digit home price appreciation. National median prices rose 14.2% year over year to $413,500, rising above $400,000 for the first time.
This quarter's monthly mortgage payments on a single-family home increased to $1,810 compared to $1,213 a year ago. Qualifying median family incomes rose to $86,880 compared to the first quarter of 2022, which was $66,096 and $58,224 a year ago. The effective 30-year fixed mortgage rate increased to 5.32% in the second quarter of 2022 compared to 3.05% one year ago.