"According to the Case-Shiller index, home prices have risen more than 50% since 2019. Over that same period, the median household income has increased by just over 20%. Many would-be buyers are simply being left out of the housing market."
"This marked the fourth consecutive month inflation outpaced home price growth, as September's Consumer Price Index data ran 1.7 percentage points above housing appreciation, which is the widest gap since the measures began diverging in June. The 20-city index posted a 1.4% annual increase to a reading of 357.84. In August, the annual price growth was 1.6%. The 10-city index, which came in at a reading of 338.25, recorded a 2.0% annual increase, down from 2.1% in August."
Price growth slowed even as mortgage rates fell in September, but affordability remains the primary constraint in the market. Home prices increased more than 50% since 2019 while median household income rose just over 20%, leaving many prospective buyers shut out. Inflation outpaced home price growth for the fourth consecutive month, with the CPI running 1.7 percentage points above housing appreciation. The 20-city Case-Shiller index rose 1.4% year-over-year and the 10-city index rose 2.0%. High-cost metros such as Chicago, New York and Boston posted the fastest gains, while Tampa saw the largest annual decline. Luxury markets and cash-ready buyers are outperforming broader market segments, producing a K-shaped housing dynamic. Month-over-month readings prior to seasonal adjustment showed widespread declines, with Tampa and San Diego among the largest drops.
Read at www.housingwire.com
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