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Home Prices Go Up in The U.S.?


Housing price is escalating nationwide in up to 94% of main metropolitan areas, according to studies based on the fourth quarter of 2019. Good news is that buyers still lean on low mortgages rates. In the fourth quarter of the past year, the 30-year fixed mortgage was on average 3.76%.

To afford a mortgage, a first-time homebuyer would need an estimate of $48,288 a year for a monthly average payment of over $1,000, assuming a 10% down payment. 

According to NAR (National Association of Realtors), finding a property available for sale is challenging. Home prices have gone up during each quarter of the year (2019), and potential buyers are struggling in a good economy and low-interest rates. 

Real estate prices increased in the coasts, mostly in:

  • San Jose, CA. – $1.25 million (-0.3% year-over-year)
  • San Francisco, CA. – $999,000 (3.9%)
  • Anaheim-Santa Ana, CA. – $828,000 (3.6%)
  • Urban Honolulu, Hawaii – $812,600 (0%)
  • San Diego, CA. – $655,000 (4.6%)
  • Boulder, CO. – $630,400 (6.4%)
  • Los Angeles-Long Beach, CA. – $617,300 (7.2%)
  • Seattle-Tacoma, WA. – $528,800 (8%)
  • Nassau County, N.Y. – $496,600 (3.7%)
  • Boston-Cambridge, MA. – $482,800 (4.9%)

These areas are highly expensive as shown above. A family in one of these locales has to earn over $100,000/yr with the assumption of a 5% down payment on a 30-y mortgage. 

A balance is needed to benefit both current and future homeowners, however, for now the balance favors home sellers. 

Our suggestion is to buy as soon as possible since the price always tends to increase. If interested in property check out  Castles Unlimited listings!


Contact us here with all and any real estate questions