Home Prices Climb in 78% of Metros Nationwide

Home prices rose in 78% of U.S. metros in Q3, with the national median single-family home price up 1.7% year over year to $432,900. The Northeast saw the largest gains, while the West experienced a slight decline. Pending sales dropped to record lows, and mortgage payments increased. Inventory rose slightly, with more sellers than buyers, giving buyers more negotiating power. Rising mortgage rates have pressured prices but limited inventory and economic factors also influence trends.