According to the National Association of Realtors (NAR) latest quarterly report, forty-six percent of metro areas saw double-digit price increases in value compared to the same period in 2021, down from 80 percent from the second quarter of this year.

Meanwhile, the national median single-family home price jumped up 8.6 percent from one year ago to an average of $398,500.

Year-over-year price appreciation in the housing market has also decelerated compared to the previous quarter’s 14.2 percent.

According to Newsweek’s own calculations, rises occurred in 98 percent of the regions assessed.

The South registered the largest share of single-family home sales standing at 44 percent, with the greatest year-over-year price appreciation in the third quarter, at just below 12 percent.

Prices also rose 8.2 percent in the Northeastern states, as well as 7.4 percent in the West, and 6.6 percent in the Midwest.

“Much lower buying capacity has slowed home price growth and the trend will continue until mortgage rates stop rising,” said NAR Chief Economist Lawrence Yun.

“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 late 2019.”

Of the metro areas that saw the largest year-on-year price increase, seven could be found in Florida. The North Port-Sarasota-Bradenton metro area saw increases of 23.8 percent, followed closely by Lakeland-Winter Haven at 21.2 percent.

House prices in Panama City, Florida saw rises of 20.5 percent, with the wider metro area of Deltona-Daytona Beach-Ormond Beach and Port St. Lucie in Florida rising 19.6 percent and 19.5 percent respectively.

North and South Carolina also saw steep increases compared to the third quarter of 2021, with the wider area of Myrtle Beach-Conway-North Myrtle Beach stretching across the two states rising 21.1 percent, while Greenville-Anderson-Mauldin in South Carolina rose 18.9 percent.

According to the National Association, half of the top 10 most expensive markets in the U.S. were in California. The median sales price of a single-family homes in the wider area of San Jose-Sunnyvale-Santa Clara hit $1,688,000; with houses in San Francisco-Oakland-Hayward selling for an average of $1,300,000, while houses in Anaheim-Santa Ana-Irvine sold for around $1,200,000.

The average single-family home in Urban Honolulu, Hawaii reportedly sold for $1,127,400, with homes in San Diego-Carlsbad, California and Los Angeles-Long Beach-Glendale, California selling for $900,000 and $893,200 respectively.

The average house price in Boulder, Colorado sold for $826,900 in the third quarter of 2022 while homes in Naples-Immokalee-Marco Island, Florida and Seattle-Tacoma-Bellevue, Washington selling for an average of $746,600 and $741,300 respectively.

“The more expensive markets on the West Coast will likely experience some price declines following this rapid price appreciation, which is the result of many years of limited home building,” Yun added.

“The Midwest, with relatively affordable home prices, will likely continue to see price gains as incomes and rents both rise.”

Stubbornly high home prices and increasing mortgage rates reportedly reduced housing affordability in the third quarter of 2022, with the monthly mortgage payment on a typical single-family home hitting $1,840, a significant jump of $614 from one year ago.

The typical family reportedly spent 25 percent of their incomes on mortgage payments in the third quarter, up from 17.2 percent one year ago.