The salary you need to earn to buy a home right now in 23 of the most expensive housing markets in America
- Tanza Loudenback
- Feb. 14, 2017, 2:00 PM
In the final quarter of 2016, home prices in the US climbed past expectations as the housing supply reached record lows, according to the National Association of Realtors (NAR).
On average, 87% of the 150 housing markets tracked by NAR experienced rising home prices in 2016, up from an average of 75% in 2014. More than half of the markets (52%) now have a median sale price either at or above their previous record high.
“Buyer interest stayed elevated in most areas thanks to mortgage rates under 4% for most of the year and the creation of 1.7 million new jobs edging the job market closer to full employment,” said Lawrence Yun, NAR chief economist. “At the same time, the inability for supply to catch up with this demand drove prices higher and continued to put a tight affordability squeeze on those trying to reach the market.”