Columbus-area home prices remain the highest in the state, as the housing market slows, according to a new report.
Nationally, the median sales price in metro areas rose 8.6% to $398,500 during the quarter. While that is historically a high rate of appreciation, it is down sharply from the 14.2% price gain seen in the second quarter.
“Much lower buying capacity has slowed home price growth and the trend will continue until mortgage rates stop rising,” NAR Chief Economist Lawrence Yun said in a news release. “The median income needed to buy a typical home has risen to $88,300 – that’s almost $40,000 more than it was prior to the start of the pandemic, back in 2019.”
The least-expensive housing market in the nation was Decatur, Illinois, where a median-priced home sold for $122,700. Youngstown was the nation's third least-expensive market.
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