Posted To: Pipeline Press

In 1988, there was only one city in America where the average home price was over six times the annual median income. Today there are more than twenty. Experts think that hat number will only increase as home values continue upward in the nation’s largest 100 cities. Thirty years ago, you could buy a home in 72 of the largest 100 cities in America with less than 18 months of that city’s median salary. A year or two ago that was only possible in 25 cities . In many places home sales have been slow to grow since there are so few homes for sale and not many new listings hitting the market, especially affordable ones. It’s a seller’s market for moderately priced homes, but a buyer’s market for pricier homes. Certainly in late 2019 applications for new home purchases had increased…(read more)

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Source: Mortgage News Daily