Even as sales decline and interest rates top 7%, home values continue to rise, nearing double digits nationally and locally.

Of the 185 markets reported by the National Association of Realtors, 98% recorded year-over-year increases, with the national average 8.6% higher in Q3 of 2022 compared to Q3 of 2021. The national median single-family home was $398,500. In Fresno, the median value of single-family home was $410,000, 9.3% higher than in Q3 2021.

Markets in Florida, South and North Carolina as well as Tennessee had the largest growth, ranging from 18.8% year-over-year to as high as 21.2%.

Nearly half of metro markets posted double-digit annual price appreciation, compared to 80% of markets in the previous quarter.

The price increases come as interest rates topped 7%. The monthly mortgage payment on a typical existing single-family home with a 20% down payment was $1,840 — up 50% year-over-year.

To afford a 10% down payment on a home, a family needed a qualifying income of at least $100,000 in 59 markets. In Fresno, a family needed to earn $103,245 annually for that size down payment.