The median down payment for single-family homes and condos purchased with financing in the third quarter rose to a record high, according to a new report.

The median down payment was $20,000, up from $18,161 in the previous quarter and up from $14,400 in Q3 2016. It is the highest down payment since ATTOM Data Solutions, a national, multisourced property database, began analyzing this data in Q1 2000.

The loan origination report is derived from publicly recorded mortgages and deeds of trust collected by ATTOM Data Solutions in more than 1,700 counties accounting for more than 87 percent of the U.S. population. Counts and dollar volumes for the two most recent quarters are projected based on available data at the time of the report.

The median down payment of $20,000 was 7.6 percent of the median sale price of $263,000 for financed home purchases in the third quarter, up from 7.1 percent in the previous quarter and up from 6.1 percent in Q3 2016 to the highest level since Q3 2013 – a four-year high.

“Buying a home has become a full-contact sport in many markets across the country, and buyers with the beefiest down payments – not to mention all-cash buyers – are often able to muscle out those with scrawnier savings,” Daren Blomquist, senior vice president with ATTOM Data Solutions, said in a statement. “Despite the increasingly competitive nature of homebuying, the number of residential property purchase loans nationwide increased to a 10-year high in the third quarter.”

Median Down Payment Tops $50,000 In A Dozen Markets

The median down payment was more than $50,000 in 12 of the 99 metropolitan statistical areas analyzed in the report, including Boston. The list was led by San Jose California ($247,000); San Francisco, California ($170,000) and Los Angeles, California ($118,000).

Other markets with median down payments above $50,000 were Boston; San Diego, California; New York, New York; Fort Collins, Colorado; Seattle, Washington and Naples, Florida.

Buyers Made Larger Down Payments In 2017

by Jim Morrison time to read: 1 min
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