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A Record Share of U.S. Homes Are Worth $1 Million or More

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in February as a lack of inventory drives up sale prices. Nearly nine out of 10 properties in San Francisco and San Jose tallied price tags of $1 million or more at the start of 2022, but Anaheim, California saw the fastest price growth with a 55% share of $1 million homes, double its original total. A Record Share of U.S.

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10 of the Hardest Metros to Snag a Home

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market while housing inventory is down, resulting in a competitive market, but these metros are the most competitive. SmartAsset identified the hardest places to purchase a home in America by analyzing the affordability, inventory, and pricing levels of the top 50 U.S. Home prices are up in nearly every U.S.

Metro 52
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First-Time Buyer Affordability Fell Sharply in Q1 2022

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Market hurdles like historically low housing supply, surging mortgage rates, and stagnant income growth are keeping first-time buyers sidelined at the start of 2022. Inflation significantly outpaced income growth at the start of 2022, with homes in the most populous metro areas costing six times the typical first-time buyer income.

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These 13 Housing Markets Could See Decelerating Prices

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After consecutive price gains amid limited inventory, some markets are becoming too hot for buyers to handle. A regional slowdown doesn’t necessarily mean a drop in buyer demand or a sudden boost in inventory, but according to the report, it could instead be a sign of “overheating.”.

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First-Time Homebuyers Found No Relief From Rising Prices in Q4 2021

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times median first-time home buyer income and 5.3 First-time buyers struggled the most in the wake of record high home prices and a lack of starter inventory, but metros like Pittsburgh and Cleveland offered some relative affordability. times median first-time buyer income, Cleveland (3.1), St. last quarter. last quarter.

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Affordability Worsens for First-Time Buyers

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times more than the median income for a first-time buyer compared to the previous quarter’s 5.2 The most affordable metros, Cleveland, Buffalo, NY, and Baltimore, were still more than three times the median first-time buyer income. This is particularly true if you’re early in your career or otherwise earning close to the median income.

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Builders in Tough Spot as Construction Costs Increase Amid Insatiable Demand

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The cost of construction continues to increase due to material and labor shortages, yet buyer demand remains so robust that builders risk losing business because they cannot supply inventory, says The New York Times. Every housing boom redefines where the city ends.