Residential News »Irvine Edition | By Michael Gerrity | August 8, 2019.
Silicon Valley, San Francisco, Irvine, Honolulu and San Diego most expensive US housing markets in Q2.
According to the National Association of Realtors, most metro US suburbs in the second quarter of 2019.
Single-family median home prices increased year-over-year in 91% of measured markets in the second quarter, with 162 of 178 metropolitan statistic areas showing sales price gains. That's up from 2019. The national median existing in the second quarter was $ 279,600, up from the second quarter of 2018 ($ 268,000).
Lawrence Yun
San Jose-Sunnyvale-Santa Clara, Calif., (-5.3%), San Francisco-Oakland-Hayward, Calif., (-1.9%) and Urban Honolulu, Hawaii (-1.2%). Metro areas of Boise City-Nampa, Idaho; Abilene, Texas; Columbia, Mo .; Burlington-South Burlington, Vt. and Atlantic City-Hammonton, NJ
Lawrence Yun, NAR chief economist, said home builders must bring more homes to the market. "New home construction is definitely needed, but home construction is in the first half of the year," he said. "This leads to continuing tight inventory conditions, especially at more affordable price points.
Ninety-three out of 178 metro markets under study have price growth of 5% or better. "Housing unaffordability will hinder dirty irrespective of the local job market conditions," Yun said. "This is obvious in the very expensive markets as topping off or slightly falling."
Notable Price Appreciation Takeaways
The most expensive housing markets in San Jose-Sunnyvale-Santa Clara, Calif., Metro area, where the median was $ 1,330,000; San Francisco-Oakland-Hayward, Calif., $ 1,050,000; Anaheim-Santa Ana-Irvine, Calif., $ 835,000; Urban Honolulu, Hawaii $ 785,500; and San Diego-Carlsbad, Calif., $ 655,000.
The lowest-cost metro areas in the second quarter were Decatur, Ill., $ 97,500; Youngstown-Warren-Boardman, Ohio, $ 107,400; Cumberland, Md., $ 117,800; Binghamton, NY, $ 119,300; and Elmira, NY, $ 119,400.
In expensive metro areas where the median prices were $ 500,000 and above, the single-family medicated prices decreased when compared to the levels of one year ago. The most costly area, San Jose-Sunnyvale-Santa Clara, Calif., Saw a 5.3% drop. San Francisco-Oakland-Hayward, Calif., Whose decline was 1.9%. Homes in Urban Honolulu, Hawaii dropped by 1.2%, followed by Boulder, Colo., Which saw a 0.9% slide. Bridgeport-Stamford-Norwalk, Conn., Recorded single-family housing prices were slightly down (0.6%) from last year, possibly due to limitations on property tax deductions.
In addition, in other expensive metro areas, prices rose, albeit at a lukewarm pace, including in Anaheim-Santa Ana-Irvine, Calif., Which rose only 0.6%. Los Angeles-Long Beach-Glendale, Calif., Saw a 1.8% gain, while San Diego-Carlsbad, Calif., Saw a 1.6% price increase.
Second Quarter Home Affordability Declines
National family median income is estimated to be $ 78,366 in the second quarter, but greater than average growth rates. A buyer making a 5% down payment would need an income of $ 62,192 to buy a single-family home at the national median price, while a 10% down payment would require an income of $ 58,918, and $ 52,372would be required for a 20% down payment.
In the most expensive metro areas in the West, San Jose home buyers would need $ 295,832, while buyers in San Francisco would need $ 233,552.
At the end of 2019's second quarter, 1.93 million existing homes were available for sale, which is about equal to the total inventory at the end of 2018's second quarter. Average supply during the second quarter of 2019 was 4.4 months - up from 4.3 months in the second quarter of 2018.
Yun says it should improve, but cautions of greater economic uncertainty. "But the low interest rate of economic growth, but not limited to the growth of the economy. will eventually buy and buy home. "