{"id":4327,"date":"2023-07-11T07:23:09","date_gmt":"2023-07-11T07:23:09","guid":{"rendered":"https:\/\/frankbuysphilly.com\/home-prices-in-these-5-counties-grew-the-most-since-last-year\/"},"modified":"2023-07-11T07:23:09","modified_gmt":"2023-07-11T07:23:09","slug":"home-prices-in-these-5-counties-grew-the-most-since-last-year","status":"publish","type":"post","link":"https:\/\/frankbuysphilly.com\/home-prices-in-these-5-counties-grew-the-most-since-last-year\/","title":{"rendered":"Home Prices in These 5 Counties Grew the Most Since Last Year"},"content":{"rendered":"<p> <br \/>\n<\/p>\n<div :class=\"{ 'hidden': $store.proContent.showFullPrompt() }\">\n<section class=\"px-4 relative border border-slate-200 mobile-toc lg:hidden\" x-data=\"{open:false}\">\n<button class=\"flex items-center gap-4 my-2 border-none w-full\"><br \/>\n<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"h-6 w-6\" fill=\"none\" viewbox=\"0 0 24 24\" stroke=\"currentColor\" stroke-width=\"2\"><path stroke-linecap=\"round\" stroke-linejoin=\"round\" d=\"M4 8h16M4 16h16\"\/><\/svg><\/p>\n<h2 class=\"font-semibold text-slate-800 text-base m-0 js-toc-ignore\">In this article<\/h2>\n<p><\/button><\/p>\n<\/section>\n<p><span data-preserver-spaces=\"true\">Home prices across the U.S. had the highest quarter-to-quarter gain since 2015, as potential homebuyers are getting pushed out of an increasingly expensive market.<\/span><span data-preserver-spaces=\"true\">\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The median single-family home value rose 10.2% from the first to the second quarter of 2023 to $350,000, a\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.attomdata.com\/news\/market-trends\/home-sales-prices\/attom-q2-2023-u-s-home-affordability-report\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">report<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0from real estate data firm ATTOM found. It\u2019s the biggest quarterly increase in almost the past decade.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Median home prices in 565 of the 574 counties analyzed in the report (98%) were less affordable than in prior quarters, more than double the number of counties that were unaffordable two years ago before mortgage rates went up. This means only 2% of counties examined were more affordable than their historic averages.<\/span><span data-preserver-spaces=\"true\">\u00a0<\/span><\/p>\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">Buyers Are Feeling the Pinch<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">It\u2019s unclear if the increase in prices is temporary or signals another extended price surge, but \u201chouse hunters are feeling the pinch,\u201d said Rob Barber, CEO of ATTOM.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cThe U.S. housing market has done an about-face following a downturn that threatened to usher in an extended period of flat or falling prices,\u201d he said. \u201cWith that has come another blow to how much house the average worker around the country can afford.\u201d\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Looking at data from publicly recorded sales deeds and average wage data from the U.S. Bureau of Labor Statistics, ATTOM found that affordability among homeowners worsened in the last quarter. The portion of income required to buy a home shot up to 33%, above common lending practices of a 28% debt-to-income ratio.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Still, wage growth has outpaced housing prices in 74% of the counties analyzed\u2014a reversal of trends during the same quarter in 2022, when prices were growing faster than wages in 91% of counties.<\/span><\/p>\n<h2 class=\"wp-block-heading\">Counties with the Highest Sales Growth<\/h2>\n<figure class=\"wp-block-table is-style-regular\">\n<table>\n<thead>\n<tr>\n<th>County<\/th>\n<th>Associated Market<\/th>\n<th>Increase in Median Sales Price YoY<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>St. Louis County, Missouri<\/td>\n<td>St. Louis<\/td>\n<td>19%<\/td>\n<\/tr>\n<tr>\n<td>Broward County, Florida<\/td>\n<td>Fort Lauderdale<\/td>\n<td>7%<\/td>\n<\/tr>\n<tr>\n<td>Miami-Dade County, Florida<\/td>\n<td>Miami<\/td>\n<td>7%<\/td>\n<\/tr>\n<tr>\n<td>Fulton County, Georgia<\/td>\n<td>Atlanta<\/td>\n<td>6%<\/td>\n<\/tr>\n<tr>\n<td>Palm Beach County, Florida<\/td>\n<td>West Palm Beach<\/td>\n<td>6%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/figure>\n<p><span data-preserver-spaces=\"true\">The report found that 91% of counties analyzed had seen an increase in housing prices. They rose at least 5% in two-thirds of markets, hitting a peak in nearly 40% of the counties examined.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Among the 47 counties with a population of at least 1 million, the biggest year-over-year increases in sales prices were in the South, with most counties located in Florida. A housing shortage and surge in population have caused\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.newsweek.com\/highest-home-prices-fastest-rising-real-estate-1811449\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">prices to skyrocket in the Sunshine State<\/span><\/a><span data-preserver-spaces=\"true\">.\u00a0\u00a0<\/span><\/p>\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">The Bottom Line<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">While inflation and mortgage rates have steadied, there is still a bit of uncertainty around the U.S. economy. The Federal Reserve is also poised to\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.reuters.com\/markets\/rates-bonds\/fed-seen-raising-rates-this-month-traders-less-sure-further-hike-2023-07-07\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">raise interest rates<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0in July, which could further increase housing prices. But if the stock market cools down and the economy falls into a recession, housing prices could drop.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The third quarter of 2023 will be key to knowing if the housing price boom is set to continue or will fade as it did during the same period last year. For now, though, real estate remains a seller\u2019s market.<\/span><\/p>\n<p class=\"italic\"><b>Note By BiggerPockets:<\/b> These are opinions written by the author and do not necessarily represent the opinions of BiggerPockets.<\/p>\n<\/div>\n<p><br \/>\n<br \/><a href=\"https:\/\/www.biggerpockets.com\/blog\/home-prices-in-these-5-counties-rose-the-most-year-over-year\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In this article Home prices across the U.S. had the highest quarter-to-quarter gain since 2015, as potential homebuyers are getting pushed out of an increasingly expensive market.\u00a0 The median single-family home value rose 10.2% from the first to the second quarter of 2023 to $350,000, a\u00a0report\u00a0from real estate data firm ATTOM found. It\u2019s the biggest [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":4328,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[33,1],"tags":[],"_links":{"self":[{"href":"https:\/\/frankbuysphilly.com\/wp-json\/wp\/v2\/posts\/4327"}],"collection":[{"href":"https:\/\/frankbuysphilly.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/frankbuysphilly.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/frankbuysphilly.com\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/frankbuysphilly.com\/wp-json\/wp\/v2\/comments?post=4327"}],"version-history":[{"count":0,"href":"https:\/\/frankbuysphilly.com\/wp-json\/wp\/v2\/posts\/4327\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/frankbuysphilly.com\/wp-json\/wp\/v2\/media\/4328"}],"wp:attachment":[{"href":"https:\/\/frankbuysphilly.com\/wp-json\/wp\/v2\/media?parent=4327"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/frankbuysphilly.com\/wp-json\/wp\/v2\/categories?post=4327"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/frankbuysphilly.com\/wp-json\/wp\/v2\/tags?post=4327"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}