IRVINE, Calif.–The average home downpayment rose to a high of $76,645 in Q3, 2017.
In addition, the median downpayment for single family homes and condos purchased with financing during the third quarter was $20,000, up from $18,161 one quarter earlier and $14,400 one year earlier, according to ATTOM Data Solutions’ Q3 2017 U.S. Residential Property Loan Origination Report.
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% of the U.S. population, the company said. Counts and dollar volumes for the two most recent quarters are projected based on available data at the time of the report, ATTOM Data Solutions said.
The downpayment of $20,000 was 7.6% of the median sales price of $263,000 for financed home purchases in the third quarter, up from 7.1% in the previous quarter and up from 6.1% in Q3 2016 to the highest level since Q3 2013 — a four-year high, the company said.
"Buying a home has become a full-contact sport in many markets across the country, and buyers with the beefiest downpayments — not to mention all-cash buyers — are often able to muscle out those with scrawnier savings," said Daren Blomquist, senior vice president with ATTOM Data Solutions, 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."