How much house can you afford?

Key takeaways

Consider these guidelines to help you see how much house you can afford.
– 06/06/2019
Save until you have an amount equal to your annual income, and buy a house that is about 4 times your annual income.If you have significant debt, look for a house up to 3 times your annual income.

Homeownership is practically a part of the American dream. Before you start dreaming of a picket fence, take the time to make sure that buying a home is the best decision for you right now. Once you’re sure that buying is better for you than renting, the next decision is how much house will be suitable for your family and your budget. (Try our rent vs. buy calculatorOpens in a new window if you’re not sure.)

“One big mistake that many first-time homebuyers often make is not factoring the household’s current debt situation into the decision-making process,” says Beau Zhao, a director in  Fidelity’s Strategic Advisers, Inc.

You may be able to avoid this mistake by using these simple rules of thumb for determining how much house you can afford.

First: Determine how much house

Using a factor of your household income, you can quickly gauge how much house you can afford. The total house value should be a maximum of 3 to 5 times your total household income, depending on how much debt you currently have.

If you are completely debt free, congratulations—you can consider houses that are up to 5 times your total household income.If less than 20% of your income goes to pay down debt, a home that is around 4 times your income may be suitable.If more than 20% of your monthly income goes to pay down existing debts in the household, dial the purchase price to 3 times. 

One of the major factors that determines how much house you can afford is your debt-to-income ratio—that is, your monthly debt obligations divided by your monthly income. Generally, lenders like to keep that ratio around 36%–42%. If you have no preexisting debt, a lender might approve a loan that would bring your debt-to-income ratio up to 42%.

We assume 36% as the baseline maximum debt-to-income ratio you can have in the analysis. Because both your existing debts and your future mortgage payments are components of your household debts, the sum of both should not exceed this 36%. Using this metric, we can solve for the suitable home price so that your household has a healthy, manageable debt-to-income ratio.

For illustration only.

Be cautious. Buying the biggest home you can afford means you have to obtain a large mortgage. This means sizable monthly payments—which might make it hard to meet your other financial priorities. A good rule of thumb is to hold your housing costs to about 30% of your monthly income. The US Department of Housing and Urban Development considers families who pay more to be “cost burdened”; such families may have difficulty covering other important expenses.

Try this simple calculator to find out how much house you can afford.

Second: Save at least your annual salary before taking any action

Keep saving until you have saved an amount equal to your annual income. This should cover your down payment and the other expenses associated with buying a house. If you purchase a home that is 4 times your annual income, 1 times your income is 25% of the value of the home, accounting for a 20% down payment and other home-buying expenses. Consider saving this amount first before taking any action.

Paying a 20% down payment is the ideal option in most cases, because you can avoid private mortgage insurance and save money in the long run. If you have trouble paying for a 20% down payment but still want the big house you’ve always dreamed of, you could benefit from selecting a nonconforming loan, like an FHA loan.

Note: You don’t have to borrow the full amount a mortgage lender will give you. “Just because a bank tells you that you can borrow $300,000 doesn’t mean that you should,” cautions Zhao. “And always compare all mortgage options available to you, because there might be a better option.”

Read Viewpoints on How to pick a mortgage: 5 considerations

The preapproval process

Once you’ve saved enough for a down payment and determined your home-buying budget, it’s time to check your credit before approaching a lender for a preapproval. This is an important step, because you don’t want to have any unwanted surprises from the lender after you find a house you want to buy. It’s always good to know whether your current credit qualifies for a good mortgage beforehand. The lender will evaluate your savings, income, and credit score to roughly determine how much you can borrow.

It’s important to verify that your credit reports from the 3 credit bureaus reflect accurate information and that everything is up to date. Making sure your credit score is as high as possible can help you get a better mortgage rate, and that can save thousands of dollars in the long run.

Other costs to think about

The cost of a home is more than just a down payment and monthly mortgage payments. During the home-buying process, you’ll need an appraisal to verify that the home is worth the price, and you’ll be responsible for closing costs, which may amount to several thousand dollars. Ongoing costs include homeowners insurance, property taxes, and any homeowners association or condo fees.

And then, of course, there are the costs of maintaining and improving your home. Utilities in a house may cost more than the utilities in an apartment because of increased square footage. Plus, that lawn won’t mow itself. Paying for monthly or weekly trims—or a lawnmower—may need to be in your budget.

New homeowners are often surprised by the unexpected costs that come up in the first few months. You want to make sure you have some savings set aside to take care of those expenses.

Don’t forget about all your other priorities, such as saving for retirement and, if you have kids, their college education. If buying a house would put such a crunch on your budget that it would put these goals in jeopardy, you might consider continuing to rent for a while.

Once you’ve reviewed your savings, considered your budget, and factored in your other priorities, you’ll have a much better sense of how much house you can comfortably afford. And finally it’s time for the fun part—shopping for your new home.

6 ways your home helps you feel happy, healthy

Thinkstock Plants can remove harmful volatile organic compounds in the air. It's recommended to keep a small plant in each room of the home.

By Brian Sodoma Special to Your Home   Las Vegas Review Journal May 12, 2018 – 8:05 am

If you find yourself wanting to get out of the house a little more than usual, it may be for good reason. Your home may be giving you the blues, or even worse, it may have some serious negative effects on your body.  Plants can remove harmful volatile organic compounds in the air. It’s recommended to keep a small plant in each room of the home.

Each day, most Americans move from one built environment to another. For those spaces, designers and owners have put thought (be it very little or a lot) into how to set up those spaces and what amenities to install. All those decisions impact the mental and physical well-being of individuals.

Our home is a place where we seek refuge. However, many houses face design hurdles or have amenities and features that could produce negative impacts on our health. Here are six ways your home may be bringing you down.

  1. Sleep barriers

Dr. Robert Brown, the author of the recently released “Toxic Home/Conscious Home: A Mindful Approach to Wellness at Home,” said many homeowners may not realize the effect their home has on their ability to enjoy a good night of sleep. One of the primary reasons for disrupted sleep may be tied to technology.

Light from phones and laptops, along with electromagnetic frequencies from Wi-Fi routers, will disrupt the body’s pineal gland from producing melatonin, which regulates sleep cycles, the physician explained.

“Even looking at your laptop or cellphone for a time before going to bed, studies have shown it can delay the production of melatonin by your brain,” Brown said.

Even if a modem or router is in a distant room, precautions should still be taken.

“EMF travels a good distance, and the brain receives information. … I recommend people put it (routers or modems) on an appliance timer so it shuts off automatically (at night when sleeping),” he added.

  1. Indoor air quality

Consumers are more conscious than ever about paints containing harmful volatile organic compounds and other products that may bring air toxins into the home. However, they are often misled on two points when it comes to in-home air quality, Brown said.

When it comes to VOCs, air purifiers like HEPA filters do not remove them. Plants do. That’s why the physician/author suggests keeping a small plant in each room of the home.

Home filtration systems, such as HEPA filters, do eliminate micro-particulates found in air fresheners, candles and even fumes from cooking. On another note, Brown strongly advises against using any plug-in air fresheners.

“The association you may have with a fragrance may affect emotions, but it’s not the same with an air freshener, even though it may kind of smell like that fragrance. It doesn’t have the same reaction,” he said.

  1. Full-spectrum lighting Thinkstock Full-spectrum light, such as natural sunlight, promotes a good mood.

A home’s lighting can strongly impact mood, adds Atilla Lawrence, an assistant professor of interior architecture and health care design at UNLV. More specifically, full-spectrum lighting, which covers the full magnetic spectrum from infrared to near ultraviolet, promotes a good mood, the professor says. Natural sunlight is considered a full-spectrum light.

“It will help you be more energetic. It’s going to put you in a much better mood. … It supports the circadian rhythm,” he added.

If you are in the design stage of a home, Lawrence said, a lighting pro who can design a space with ample natural full-spectrum lighting while suggesting the best full-spectrum light sources and bulbs may be well worth the investment.

  1. Picture perfect

Nature promotes happiness, and that’s why going to the ocean or mountains has a calming effect, Lawrence said. This is largely because the air contains negative ions, he explained. However, a similar calming effect could occur with large wall images containing visuals of nature.

“You’re not getting the negative ions, but there is a calming effect,” he added.

Dak Kopec, Ph.D., an associate professor and master of health care interior design at UNLV’s Paul B. Sogg School of Architecture, said research from the 1980s and ’90s involving children with attention deficit hyperactivity disorder showed these children were able to better control symptoms with brief and periodic exposure to nature. He and Lawrence recommend finding large digital technology images for the wall.

Atmosphere North America, a Las Vegas-based company, offers a wall-hanging product that includes four televisions in the portrait position. Its “films and moods” setting allows people to have large nature scenes streaming throughout the day. Colors are displayed in a rich digital format and give depth to the room.

The product has been used in bars, lounges and hotel rooms. Technology like this could be helpful for homeowners who have homes on small lots in crowded subdivisions and may feel boxed in, Kopec said.

“In today’s housing market where land has become more valuable, many housing developments are placed too close to one another, and the ability to look off into the distance has been compromised by walls,” Kopec added.

  1. Home arrangement for elders

Lawrence also speaks to the importance of social interaction in a home and how it can encourage healthier, happier families. Today, multigenerational homes where grandparents are living with their children are becoming more common.

When it comes to the layout of a multigenerational home, Lawrence said it’s important to arrange environments in a way that allows for the inclusion of older family members. Arrange seating areas so that people are not more than 6 feet apart, he said, so that conversations can be easier to have, especially for a person who is hearing impaired.

“A grandparent hard of hearing that is 10 feet away may not hear what’s being said. … This can lead to some level of isolation,” he added.

  1. Water woes

Every faucet or showerhead in a home can directly contribute positively or negatively to one’s health. Having clean water available is critical, especially in a desert environment known for poor water quality.

More than 90 percent of the valley’s water is recycled, and there is simply no way for the local water authority to purify it to a drinking water level, explained Greg Eisenhauer, general manager of Sunny Plumber in Las Vegas.

Consumers should know there are basically three types of water systems available: water softeners, water filtration and reverse osmosis systems. Softeners only reduce the hardness of the water by exchanging one ion of calcium or magnesium for an ion of sodium or potassium — whichever is used by the homeowner.

Softeners, however, do not eliminate chlorine, which municipalities use to keep dangerous bacteria at bay. Chlorine, however, is not good for one’s health. Other toxins like chromium also may also be present in the water.

With water filters, Eisenhauer said, “Filtration is only as good as the media,” meaning whatever the filter is designed to remove, it will, but these systems often bring limitations.

RO water, he added, removes all toxins, including chlorine. Some residents will seek out the local municipality’s water report to better understand which contaminants may still be in the water. Then they can seek out a filtration system that can remove the targeted toxins. Or they may spend more with a whole-house RO system.

“The only way to purify is with RO. … A whole-house purification is expensive, but in the long run it’s worth it,” he added.

Read full article in Las Vegas Review Journal 


Lake Las Vegas BOOM

LAS VEGAS – Lake Las Vegas is known for its beauty, million dollar homes, and as a popular staycation spot.  But it’s also had its share of setbacks, from shuttered businesses to home foreclosures and bankruptcy.

The area is on the far east side of town in Henderson.  You can see it on the way out to Lake Mead, and recently Lake Las Vegas has seen a big boom in development.

The lake is the center of attention in the area, so many developers are using it to their advantage to lure more people.  From new homeowners to out of town visitors, and their strategy appears to be working.

“It’s a pretty special place,” said Jim Andersen, executive director of Lake Las Vegas Rowing Club.

Lake Las Vegas is home to the first collegiate rowing regatta that will take place in Nevada this weekend.

Andersen coaches the Nevada State College team.  He says the lake is the perfect spot for the competition.

“This is very unique,” Andersen said.  “Normally, with rowing courses, you can see maybe the last 500 meters, but here you can stand on a hill and see the full  2000 meter course.”

“It’s just one of many ways developers are working to bring people to the lake.  Residents say they like the new vibe.

“I’ve seen a lot more people on the weekends down in the village so yes it’s picking up,” said Tawnya Palma, resident.

Developers say the growth isn’t just about visitors looking for a day of fun outside; they said they’re seeing a big demand.

In fact, six new communities are being built at Lake Las Vegas.  Each neighborhood would house about 60 homes.

“There is a need. “We’re feeling a lot of people coming this way; coming to the east side of the valley and a lot of people looking for homes on this side,” said Cody Winterton, executive vice president of Raintree development. “As we’ve added these amenities and added community we’re getting a lot of interest.”

Amenities such as the Lake Las Vegas Sports Club which opened at the start of the new year.

“When you drive in now, this is one of the first icons of Lake Las Vegas now,” Dann Battistone, the general manager of Lake Las Vegas Sports Club said about the sports club.

With more than 700 members already signed up, the sports club is something residents have been waiting to see come to life.

“In fact, I drove by this building every day thinking something is going to be great and possible that happens here and here it is happening.  It’s fantastic,” resident Dan Smithman said.

With all the changes, Smithman who has lived in Lake Las Vegas for eight years says it’s really starting to feel like home now.

“It’s just a place where we all come together as a community,” Smithman said.

Developers say one of the reasons for the growth is the direct access now from U.S. 95 off of Galleria Drive.  There’s also a new elementary school opening up nearby.

Come April 1, Proof Tavern is expected to open and it will reportedly have gaming. Prices going up in Vegas!

LAS VEGAS (AP) – Real estate agents say median home prices in southern Nevada topped $229,000 in May.

The Greater Las Vegas Association of Realtors reported Tuesday that the median sale price of existing single-family homes was up 8.5 percent, from about $211,000 a year ago.

Condominium and townhome prices were up 5.4 percent from a year ago, at a median price of $118,000 last month.

Association president Scott Beaudry says he thinks a tight housing supply is driving prices up.

The organization says almost 3,350 existing homes, condominiums and townhomes sold in May, or about the same number as in May 2015.

Beaudry says 4.5 percent of local sales in May were short-sales, for less than the value of the mortgage.

That’s down from 7.3 percent of all sales a year ago.

Vegas Real Estate Settles After Wild Ride


Las Vegas home prices went through a wild roller-coaster ride the past decade or so: they soared, crashed, shot up again, then downshifted.

Today, the ride seems almost boring. For the first time in a long time, prices are flat.

The median sales price of previously owned single-family homes — by far the bulk of Las Vegas’ for-sale housing market — has hovered around $220,000 since June. Prices still are up 7.5 percent year-over-year but have been roughly the same for the past nine months, according to the Greater Las Vegas Association of Realtors.

The stalled prices are good for buyers — who wants to pay more for a house? — and industry analysts say the trend reflects a more stable and more normal market after years of price swings and other volatility. It also comes as investors, who revived Las Vegas’ resale market after the economy tanked, continue pulling out.

LV housing prices

The stagnation, however, could give sellers heartburn. And considering Las Vegas is the underwater capital of America, the plateau in prices prevents homeowners from escaping upside-down status.

But Brian Gordon, a principal with Las Vegas-based Applied Analysis, said it was “probably a good thing over the long run” that prices have flattened.

In a normal year, analysts say, home values grow 2 to 5 percent. After last decade’s boom and bust, resale prices for single-family homes grew 24 percent in both 2012 and 2013, 10 percent in 2014 and 6 percent last year, GLVAR data show.

Gordon said he expected price-growth to keep slowing, but he’d be “hesitant to suggest we’ll see any material downturn in prices.”

He said prices grew much faster than wages in recent years, but now they’d become “better aligned.” He also noted the economy was on “more-solid footing,” indicating a continued demand for homes.

Gordon also pointed out that housing sales no longer were dominated by distressed properties, which blanketed the valley after the bubble burst.

LV housing prices 2
In 2012, bank-owned homes comprised 26 percent of single-family resales; short sales accounted for 37 percent; and “traditional” deals, or those not controlled by lenders, comprised 36 percent.

In 2015, foreclosed homes comprised 7.7 percent of single-family resales; short sales, 7.5 percent; and traditional deals, 84.7 percent, according to the GLVAR.

“Stability really has emerged,” Gordon said.

Amid flat prices, house shoppers might have more time to save money for a down payment “without the worry of prices continuing to go up and possibly out of reach,” said Ralph McLaughlin, chief economist for San Francisco-based Trulia, a home-listing service.

This, however, can create competition for sellers. For instance, they might have to spend more money to spruce up their house to lure a buyer, McLaughlin said.

Overall, home-value growth around the country is “coming back down to Earth” and becoming “more sustainable,” said Aaron Terrazas, senior economist with Seattle-based listing service Zillow. But in cities like Las Vegas, he noted, the trend makes it harder for borrowers to get above water.

Some 21 percent of Las Vegas-area homeowners with mortgages are underwater, meaning their debt outweighs their home’s value, according to Zillow.

That’s down from a peak of 71 percent in early 2012 but still highest among large metro areas — reflecting how high prices soared during the bubble, how badly they crashed, and how much room they have before reaching peak levels again.

Underwater borrowers typically can only sell their homes through short sales, in which lenders approve selling the property for less than what’s owed on the mortgage. It’s a potentially time-consuming, paperwork-heavy process that can badly bruise a seller’s credit score, and there’s no guarantee a bank will approve the deal.

According to Terrazas, many underwater borrowers are unable to sell their homes. The result is a reduction in listings, especially among lower-priced houses that draw first-time buyers, he says.

Zillow called negative equity “one of the most persistent reminders” of America’s real estate bust and “a major barrier to a full recovery in certain markets.”

As Terrazas sees it, underwater borrowers will linger “for a long time,” especially in places like Las Vegas.

Meanwhile, house prices have leveled off as investors, who gobbled up cheap homes in bulk after the economy crashed, have continued backing out amid the shrunken inventory of bargains and a crowded home-rental market.

So-called institutional investors — or non-lenders who buy at least 10 homes per year — accounted for 2.2 percent of home purchases in the Las Vegas area last year. That’s down from 7.6 percent in 2014 and 14.1 percent in 2013, according to RealtyTrac.

LV housing prices 3
The result is the market must rely more on mom-and-pop buyers. If Las Vegas relied heavily on them a few years ago and didn’t have investors propping things up, the market would have stayed dormant much longer.

Foreclosures, bankruptcies and short sales swept through the valley during the recession, wrecking people’s credit and making it all but impossible for many of them to buy a house for years.

Today, Las Vegas’ economy remains at the bottom of the pack nationally in many ways. The valley’s unemployment rate, 6.5 percent, is second-highest among large metro areas, according to the U.S. Bureau of Labor Statistics, and its foreclosure rate is fifth-highest among metro areas, says RealtyTrac.

But it’s on the mend — jobs are growing, mortgage lending is slowly climbing after falling for years, visitor levels hit a record-high last year — and mom-and-pop buyers appear to be picking up at least some of the slack from investors.

Moreover, people sometimes forget that home prices typically grow just a few percentage points a year, said John Restrepo, founder of Las Vegas-based RCG Economics.

The housing market is becoming “more normal,” and that’s not a bad thing, he said.

“I don’t see any major catastrophes out there at this point,” he said. “It’s just slower.”

By Eli Segall (contact) Eli Segall
Wednesday, March 23, 2016 | 2 a.m.

Down Payment Help is Here!

Helping Nevadans Feel at HomePrint

Welcome to the State of Nevada’s Home Is Possible Down Payment Assistance Program page. The Home Is Possible grant program helps make the dream of home ownership a reality for qualified Nevadans.  Introduced in 2014, this program helps those who can afford the monthly mortgage payments, but whose savings may fall short of the necessary down payment.

The down payment assistance grant amount can be as much as 5% of the loan amount, to be used for covering down payment and closing costs. For example, on a $ 200,000 loan amount, your down payment assistance grant, pending the qualifications specified below, may be as high as $10,000. This grant never needs to be repaid.

Key Benefits

  • Fixed interest rate 30-year loan – current rate click here
  • No first-time homebuyer requirement
  • Grant is non-repayable
  • Available state-wide
  • No asset limits for homebuyers
  • Now offering up to a 4% grant with government loan types and up to a 5% grant with conventional loan financing
  • Grants are based upon the loan amount and can be used for down payment assistance and/or closing costs.
  • Can be combined with The Mortgage Tax Credit (MTC) Program. For more information, click here

Program Requirements

  • Minimum credit score generally 640 for government insured loans and 680 for most conventional loans
  • Qualifying income on mortgage application must be below $95,500
  • Home price below $400,000
  • Must be homebuyer’s primary residence
  • Homebuyer education course is required
  • Must meet normal government or conventional loan underwriting requirements
  • Effective February 1, 2016, manufactured housing loans will be available for government loans


How to Get Started

  • Find an approved lender (link below)
  • Complete homebuyer paperwork with the lender


Vegas Homeowners & Appraisers Close on Values

What’s your home worth on the market? A Quicken Loans index suggests valley homeowners and appraisers are close to agreeing.

The Detroit-based mortgage lender ranked Las Vegas 11th of 27 U.S. metropolitan markets on its Home Price Perception Index for December. In the valley, appraisers’ home-value assessments exceeded homeowners’ expectations by 0.35 percent in December the index showed, up from 0.23 percent in November.

For all of 2015, appraisers’ values exceeded homeowners’ expectations by 2.25 percent in Las Vegas, the company said.

Las Vegas and the West seemed to buck the national trend reflected in the index, which derives from mortgage activity across more than 3,000 American counties. Quicken Loans said that overall, average appraised values for U.S. homes in December were 1.8 percent lower than homeowners’ expectations.

Although December was the 11th straight month in which appraised home values fell short of homeowners’ expectations nationally, it was the fourth straight month in which the appraiser-homeowner expectation gap narrowed, Quicken Loans said.

Quicken Loans Chief Economist Bob Walters said his company’s data reflect patterns seen before and after the housing bubble, he said. Before the crash, homeowners’ assessments were much higher than appraisers’; the appraisers, on the leading edge, saw the fall first, he said. As the market began rebounding, Walters said, appraisers were again ahead of the curve, seeing the rise before homeowners did.

Homeowners might be expected to subjectively skew expected values — a granite countertop’s beauty is in the eye of its beholder.

“(But) there’s a point at which homeowners and appraisers end up on the same page, and in many places we seem to be reaching a sort of equilibrium,” Walters said, reflecting on Las Vegas’ score. “It doesn’t tell you that home values will rise or fall dramatically, it just tells you the market is what the appraisers and homeowners say it is.

“We’re starting to conform to the things we saw seven or eight years ago, outside the crisis,” Walters added. “The shocks that put valuations out of whack have started to cure and we’re back to a more ‘normal’ situation.”

Walters said Las Vegas seems to have reached value perception stasis, which helps buoy both home sales and mortgage refinancing, a little ahead of other markets that were especially hard-hit by the crash. He attributed this partly to churn. Las Vegas homeowners are less likely than peers in other markets to stay in homes for 20 or 30 years, he said; more frequent address changes may offer a more current, and accurate, sense of the market.

Also, he said, websites including Zillow, Trulia and Redfin, which let homeowners price their own homes and those in their neighborhoods, are helping boost market knowledge and bridge appraiser-homeowner price gaps everywhere. Sizing up markets used to be a lot harder, Walters said, requiring spotting “for sale” signs and knocking on doors.

Phil Dwyer, owner of Las Vegas-based Dwyer Home Appraisals, said he’s seeing fewer disagreements about home values, perhaps because distressed homes, which once dominated the market and skewed prices, are far less common. Banks are no longer dominant sellers, he said; homeowners are dealing directly with buyers.

“The values (between the parties) seem to be a lot more closely aligned than they were five years ago,” Dwyer said. “There are real buyers and real sellers and they’re coming to similar expectations.”

R. Scott Dugan & Associates Appraisal Co. owner Scott Dugan pointed to Greater Las Vegas Association of Realtors data from 2015 showing that the average difference between a home’s list price and sale price was 2 percent and the median was 1 percent.

“Apparently, sellers will list homes for what they think they are worth, but the market will only pay 1 to 2 percent less,” Dugan said by email. “It’s the appraiser’s job to appraise the property based upon the definition of ‘market value’ not the definition of “owner value.’ In most cases, the value will be within range, however, in many cases, especially the higher-end product, sellers/appraisers may have a much larger gap.”

Silver State Appraisers owner Bruce Feldman wasn’t sure what to make of Quicken Loans’ data. Home values, he said, can vary widely based on homes’ age, amenities, condition and surrounding neighborhoods.

However, he said, informed real estate agents, armed with appraisers’ reports, can inform clients about reasonable price expectations and limit disagreement.

“People only go by what they know and what they see,” Feldman said. “A Realtor can come to me and say, ‘This is what the client thinks (the home is) worth and this is what I think it’s worth. It’s worth doing an appraisal on it to find out what’s right.'”

Find Matthew Crowey on Twitter @copyjockey

Median Home Prices Up to $218K

Southern Nevada real estate agents say the area’s median home price has climbed to $218,000 in July.

The Greater Las Vegas Association of Realtors reported Monday that the median home price is up less than 1 percent from June but up 9 percent from the same time a year ago.

Association president Keith Lynam said home prices aren’t growing as quickly as they have in the past few years, but are still rising. He said it was a good sign that more homes are selling this year than last year.

The total number of homes sold in July was more than 3,800, up from about 3,300 a year ago.

Median home prices remain between their June 2006 peak of $315,000 and their January 2012 trough of $118,000.