An overwhelming majority of metro markets saw home price gains in the third quarter of 2022 despite mortgage rates that approached 7% and declining sales, according to the National Association of Realtors' latest quarterly report. Forty-six percent of the 185 tracked metro areas registered double-digit price increases, down from 80% in the second quarter of this year.

The national median single-family existing-home price climbed 8.6% from a year ago to $398,500. Year-over-year price appreciation decelerated when compared to the previous quarter's 14.2%.

Single-family existing-home sales prices grew in nearly every measured metro area – 181 of 185 – in the third quarter. Compared to a year ago, the national median single-family existing-home price rose 8.6% to $398,500.

The monthly mortgage payment on a typical existing single-family home with a 20% down payment was $1,840 – up 50% year-over-year.

Less than half of metro markets (46%) posted double-digit annual price appreciation (80% in the previous quarter).

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