ATTOM Data Solutions latest U.S. Home Affordability Report shows that, while affordability challenges persist, conditions have improved in a couple of important ways. For one, the national median home price has eased from last year. During the third quarter, the median sales price was $368,000, which is down from $375,000 last year at this time. Additionally, wage growth outpaced price increases in nearly 60 percent of the analyzed counties. But despite those gains, Rob Barber, ATTOM’s CEO, says home buyers are still facing significant challenges. “Affordability remained a challenge in the third quarter, even as some of the underlying factors moved in a favorable direction,” Barber said. “Home prices declined nationally and wage growth outpaced price growth in many counties, but those gains were not enough to meaningfully improve affordability across much of the country.” Mostly, this was due to higher mortgage rates, which began rising in September and were near three-year highs by the end of the quarter. (source)
