WARREN — The Youngstown-Warren-Boardman market is among the top 10 metro areas in the U.S. with the largest year-over-year median home price increases.

In fact, the region was No. 9 with a 13.1% gain, according to recent data from the National Association of Realtors.

Each one of the 10 areas had increases of at least 10.6%. The others were Racine, Wisconsin, 13.7%; Syracuse, New York, 13%; Peoria, Illinois, 12.4%; Springfield, Illinois, 12.3%; Burlington-South Burlington, Vermont, 11.7%, Shreveport-Bossier City, Louisiana, 11.5%; Rockford, Illinois, 11.1%; Decatur, Illinois, 10.9%; and Norwich-New London, Connecticut, 10.6%.

The latest quarterly report from the trade association shows about 90% of metro markets — 196 out of 226 — registered home price gains in the third quarter of 2024, as the 30-year fixed mortgage rate ranged from 6.08% to 6.95%.

Seven percent of the tracked metro areas recorded double-digit price gains over the same period, down from 13% in the second quarter. Almost 13% of markets experienced home price declines in the third quarter, up from almost 10% in the second quarter, according to the association.

“Home prices remain on solid ground as reflected by the vast number of markets experiencing gains,” Lawrence Yun, the association’s chief economist.

“A typical homeowner accumulated $147,000 in housing wealth in the last five years. Even with the rapid price appreciation over the last few years, the likelihood of a market crash is minimal. Distressed property sales and the number of people defaulting on mortgage payments are both at historic lows.”

Compared to one year ago, the national median single-family existing-home price increased 3.1% to $418,700, the data shows. In the prior quarter, the year-over-year national median price increased 4.9%.

Prices have been on the rise in the Mahoning Valley, too.

The latest numbers from MLS Now, which collects housing data from 32 counties in Ohio, including Trumbull and Mahoning counties, shows the average sale price for single-family homes in Trumbull County was up 8.5% to $176,939 through September compared to the same nine-month period in 2023.

In Mahoning County, the increase was 9.5% to $208,294 over the same time.

Among the major U.S. regions, the South registered the largest share of single-family existing-home sales with 45.1% in the third quarter. Prices increased 7.8% in the Northeast, 4.3% in the Midwest and 1.8% in the West, according to the association.

The association also reported housing affordability improved in the third quarter as mortgage rates trended lower. The monthly mortgage payment on a typical existing single-family home with a 20% down payment was $2,137, down 5.5% from the second quarter and 2.4% from one year ago.

Families typically spent 25.2% of their income on mortgage payments, down from 26.9% in the prior quarter and 27.1% one year ago, according to the association.

“Housing affordability has been a challenge, but the worst appears to be over,” Yun said. “Rising wages are outpacing home price increases. Despite some short-term swings, mortgage rates are set to stabilize below last year’s levels. More inventory is reaching the market and providing additional options for consumers.”

In addition, first-time buyers found better affordability conditions compared to the previous quarter. For a typical starter home valued at $355,900 with a 10% down payment loan, the monthly mortgage payment decreased to $2,097, down 5.5% from the prior quarter. That was a decrease of $49, or 2.3%, from one year ago.

First-time buyers typically spent 38% of their family income on mortgage payments, down from 40.6% in the previous quarter, according to the association.