Home buyers are putting more money down on a home, as the median down payment for a single-family home or condo in the third quarter was $20,000—a new record high, according to ATTOM Data Solutions’ Q3 2017 U.S. Residential Property Loan Origination Report. The average down payment equaled 7.6 percent of the median home sales price of $263,000, according to the report.
“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,” says Daren Blomquist, senior vice president at ATTOM Data Solutions. “Despite the increasingly competitive nature of home buying, the number of residential property purchase loans nationwide increased to a 10-year high in the third quarter.”
The median down payment was more than $50,000 in 12 of 99 metro markets analyzed by ATTOM Data Solutions, including:
- San Jose, Calif.
- San Francisco
- Los Angeles
- Oxnard-Thousand Oaks-Ventura, Calif.
- Boulder, Colo.
- San Diego
- New York
- Fort Collins, Colo.
- Bridgeport, Conn.
- Boston
- Seattle
- Naples, Fla.
The Share of Co-Borrowers Increases
About 23 percent of all loan purchase originations for single-family homes in the third quarter involved co-borrowers, considered to be multiple unmarried borrowers listed on a mortgage or deed of trust, according to ATTOM Data Solutions’ report. That’s up from 21 percent a year ago.
The metros with the largest co-borrowing increases from a year ago are:
- Las Vegas
- Houston
- San Antonio
- Phoenix
- Colorado Springs, Colo.
Overall, the cities with the highest share of co-borrowers are:
- San Jose, Calif. (51.1%)
- Miami (42.7%)
- Seattle (36.7%)
- Los Angeles (30.4%)
- Portland, Ore. (30.1%).
Source: ATTOM Data Solutions
