An analysis of first-time home buyer affordability across the country finds that demand eased but prices and wages kept home affordability down in the second...
After two long years of home sellers calling all of the shots, home buyers are eager for the housing market to tilt in their favor. But modest improvements in the number of home listings and tempered demand due to higher mortgage rates aren’t likely to put all the power in buyers’ hands anytime soon.After two long years of home sellers calling all of the shots, home buyers are eager for the housing market to tilt in their favor.
Affordability double whammy: Price growth and falling wages Average asking prices crept higher again in the second quarter. Paired with wages that aren’t keeping up with inflation, homes became less affordable. Always the priciest place for first-timers to buy, homes in Los Angeles were listed at 12.5 first-time buyer income in the second quarter. The other least affordable metros of the second quarter included: San Diego , San Jose , Miami and Sacramento .
First-time buyer guidance: Location, location, location. And we aren’t just referring to getting more bang for your buck in the right neighborhood. Buyers should pay close attention to what’s happening in their area, not just the national headlines. Nationwide, factors such as mortgage rates and economic stability are certainly important, but look locally for pricing and inventory trends.Wages fell for the second straight quarter Inflation-adjusted wages and salaries fell 1.
Tap to View The most significant quarterly increases in inventory occurred in Salt Lake City ; Seattle ; Austin, Texas ; Denver and San Jose, California . These metros represent some of the hottest housing markets in the country.
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