The carefully followed S&P Case-Shiller index showed housing prices rose to a record in June, reflecting tight market conditions and homeowners reluctant to sell.
According to Realtor.com, the median home price in the US reached $429,990 in August, a 36.2% increase since August 2019, underscoring housing affordability issues.
A stark contrast exists in home prices between cities with low vs. high incomes; Cleveland’s median home price is $269,000, contrasting sharply with San Jose’s $1.4 million.
The ties between job markets and housing prices are evident, as cities with significant job growth, such as San Jose, see much higher median home prices.
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