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.”