Golden State home price appreciation is projected to slow to a six-year low in 2019, although rising mortgage rates will reduce affordability even further.
Tag Archive: affordability
Almost one-third of the U.S. population now lives in an area where a six-figure income is necessary to afford a home purchase, and here in the Bay Area, buyers will need to earn quite a bit more than that to get a foot in the door.
Though first-time homebuyers face multiple challenges in today's housing market -- including rising interest rates, strong appreciation, and critically low inventory levels -- that group was busier than it has been in 13 years in the first half of this year.
The U.S. housing market does not appear to be headed for another crash, though a lack of affordability remains problematic, both nationwide and in California.
The nine-county Bay Area continued to record substantial year-over-year price gains in July, further shutting out more buyers and causing sales activity to spike in some of the region's relatively more affordable markets.
Seventy-five percent of Americans will not buy their dream home if it does not suit their pets' needs, while a prominent industry expert calls the possibility of a housing market crash near zero. Check out the latest stories of interest in Pacific Union's weekly Real Estate Roundup.
The number of Golden State residents who could afford to purchase a home declined in the most recently completed quarter, with more than 80 percent of counties less affordable than they were one year ago.
Home price gains continue to outstrip wage growth as the second quarter comes to an end, with three Bay Area counties ranking among the nation's five least affordable.
Nine in 10 U.S. metropolitan areas saw annual home price increases in the first quarter of 2018, with Silicon Valley putting up the highest appreciation in the country.
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
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