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.
Ready to find your new home? Nick,Cindy & Nicholas Davis with RE/MAX Premier Group are here to assist you. We are always a just a click here away. You can always reach us at 813-300-7116.
Would you like to stay up to date with everything happening in the Real Estate Market?
Let Our Family, Help Your Family
Ready to Start Your Search?
See All Homes For Sale in & Around Tampa
- List View
- Map View
- Grid View
-
-
Lot Size
-
Home Size964 sqft
-
Beds2 Beds
-
Baths2 Baths
-
Year Built1979
-
Days on Market0
-
-
-
Lot Size7,406 sqft
-
Home Size1,135 sqft
-
Beds3 Beds
-
Baths3 Baths
-
Year Built2024
-
Days on Market0
-
-
-
Lot Size13,504 sqft
-
Home Size1,104 sqft
-
Beds3 Beds
-
Baths2 Baths
-
Year Built1972
-
Days on Market0
-
-
-
Lot Size6,534 sqft
-
Home Size2,605 sqft
-
Beds5 Beds
-
Baths3 Baths
-
Year Built2025
-
Days on Market0
-
-
-
Lot Size9,584 sqft
-
Home Size1,725 sqft
-
Beds4 Beds
-
Baths2 Baths
-
Year Built1978
-
Days on Market0
-
-
-
Lot Size10,019 sqft
-
Home Size2,656 sqft
-
Beds4 Beds
-
Baths3 Baths
-
Year Built2016
-
Days on Market0
-
-
-
Lot Size11,326 sqft
-
Home Size960 sqft
-
Beds2 Beds
-
Baths2 Baths
-
Year Built2006
-
Days on Market0
-
-
-
Lot Size6,099 sqft
-
Home Size1,672 sqft
-
Beds3 Beds
-
Baths2 Baths
-
Year Built2024
-
Days on Market0
-
-
-
Lot Size
-
Home Size1,135 sqft
-
Beds2 Beds
-
Baths2 Baths
-
Year Built2002
-
Days on Market0
-
-
-
Lot Size6,534 sqft
-
Home Size1,828 sqft
-
Beds4 Beds
-
Baths2 Baths
-
Year Built2025
-
Days on Market0
-
-
-
Lot Size5,663 sqft
-
Home Size1,672 sqft
-
Beds3 Beds
-
Baths2 Baths
-
Year Built2024
-
Days on Market0
-
-
-
Lot Size5,228 sqft
-
Home Size1,060 sqft
-
Beds3 Beds
-
Baths2 Baths
-
Year Built1972
-
Days on Market0
-
-
-
Lot Size
-
Home Size1,131 sqft
-
Beds2 Beds
-
Baths2 Baths
-
Year Built1967
-
Days on Market0
-
See all All Homes Around Tampa.
(all data current as of
4/23/2024)
Listing information deemed reliable but not guaranteed. Read full disclaimer.