More than two-thirds of U.S. housing markets were not affordable in the first quarter of this year -- including all major counties in California
Tag Archive: affordability
Planning to buy a home in a major coastal California city? Here's how much you should earn each year.
Home prices in the San Jose metropolitan area spiked by more than 25 percent in the fourth quarter of 2017, while Bay Area home shoppers are increasingly using escalation clauses to help them navigate bidding wars. Get the latest on local housing-market news in Pacific Union's weekly Real Estate Roundup.
Less than one in three Californians could afford to purchase a home in the fourth quarter, with affordability conditions declining in every Bay Area county from one year earlier.
Pending home sales continued their skid in California and the Bay Area in October due to shrinking inventory, with the state's eroding affordability conditions remaining real estate professionals' chief concern.
Inventory shortages continue to drive up Golden State home prices, further reducing the number of households that can afford to purchase a home. Here in the Bay Area, affordability improved slightly from the second quarter, though four local counties have the most difficult conditions in the state.
Some welcome news for Bay Area home shoppers: Affordability increased in every local county in the third quarter. Unfortunately, the region's home price growth continues to outpace wage growth for the most part.
The Golden State's housing market is currently not particularly friendly to those looking to get a foot in the door, as it is home to the majority of the nation's 10 least-affordable markets for first-time buyers. And here in the Bay Area, conditions are even more problematic for first-time buyers, as the median income won't buy a home in any ZIP code in three local counties.
Sign Up for Daily Blog Updates
Receive daily blog posts from Pacific Union in your inbox.
Sign up for Monthly Market Updates
Receive monthly real estate news from Pacific Union in your inbox.