Here’s why the U.S. real estate market is cooling: Pricing is simply too high. Starter homes have become more costly to buy than at any time since 2008, when the last boom came to a crashing halt. In the second quarter, first-time buyers needed almost 23% of their income to have the funds for a regular entry-level home, up from 21% a year earlier, as outlined by an analysis by the National Association of Realtors.
Starter-home cost hits a 10 year low
The real estate market, after years of price gains that outpaced income growth, is showing indicators of slowing as sales decline. The affordability crunch is particularly severe at the low end of the market and in hot locations where supplies are tightest and values have risen most. An increase in mortgage rates this year only made it worse.
“When prices go up at the entry level, that’s where the affordability issue is most acute,” Charles Dougherty, a Wells Fargo & Co. economist, said in a phone interview. “People are hesitant to stretch the amount they’re willing to pay.”
The highest priced U.S. markets include San Francisco and New York, where the median household needed about 65% of its income to purchase a home in the second quarter, as reported by an analysis from Trulia. The share was 59% in Los Angeles and 55% in Miami.
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Lot Size
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Home Size2,415 sqft
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Beds5 Beds
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Baths3 Baths
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Year Built2022
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Days on Market1
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Lot Size2.09 ac
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Home Size1,251 sqft
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Beds2 Beds
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Baths2 Baths
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Year Built1980
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Days on Market1
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Lot Size11,326 sqft
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Home Size4,849 sqft
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Beds5 Beds
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Baths6 Baths
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Year Built2007
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Days on Market1
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Lot Size6,534 sqft
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Home Size999 sqft
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Beds3 Beds
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Baths2 Baths
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Year Built1959
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Days on Market1
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Lot Size2.05 ac
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Home Size1,025 sqft
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Beds2 Beds
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Baths2 Baths
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Year Built1978
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Days on Market1
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Lot Size9,148 sqft
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Home Size960 sqft
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Beds3 Beds
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Baths2 Baths
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Year Built2001
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Days on Market1
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Lot Size6,970 sqft
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Home Size1,669 sqft
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Beds4 Beds
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Baths2 Baths
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Year Built2016
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Days on Market1
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Lot Size2.39 ac
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Home Size932 sqft
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Beds3 Beds
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Baths2 Baths
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Year Built1982
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Days on Market1
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Lot Size6,970 sqft
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Home Size1,514 sqft
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Beds3 Beds
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Baths2 Baths
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Year Built1964
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Days on Market1
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Lot Size30,057 sqft
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Home Size1,104 sqft
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Beds2 Beds
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Baths1 Bath
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Year Built1988
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Days on Market1
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Lot Size31,799 sqft
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Home Size2,033 sqft
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Beds3 Beds
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Baths2 Baths
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Year Built1901
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Days on Market1
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