According to the ATTOM Data’s latest U.S. Home Affordability Report median home prices of single family homes and condos in Q2 are more affordable than historical averages in 49% of U.S. counties (with enough data to analyze), up 31% from one year ago. ATTOM says these gains have come as higher wages and cheaper mortgage costs have outweighed price increases.
“The latest affordability numbers reveal a win-win situation for sellers as well as buyers. Prices are rising again around the country during the current home-buying season, despite worries that the economic impact of the Coronavirus pandemic would halt the nine-year runup in home values. But a combination of wage gains and declining mortgage rates are helping to override the increases and make homes more affordable in large swaths of the United States,” said Todd Teta, chief product officer with ATTOM Data Solutions.