"It's difficult for those wanting to buy a home as the required income to qualify has roughly doubled from just a few years ago," said NAR Chief Economist Lawrence Yun.
"The national median home sale price is $100,000 more than in Q2 2019, representing a nearly 31% increase in just five years," according to recent data from the St. Louis Federal Reserve.
While price growth may seem discouraging, it is decelerating; the national median home price increased 4.9% in Q2, down from 5% in Q1.
The sale prices of single-family existing homes rose in 89% of tracked metro areas, with significant price gains seen in Racine, WI and Glen Falls, NY.
#mortgage-rates #home-prices #real-estate-market #national-association-of-realtors #housing-affordability
Collection
[
|
...
]