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Single-Family Home Prices Reach New Highs
Single-family home prices keep reaching new peaks, Redfin and ATTOM said in separate reports. The median home sale price rose 14.6% year over year to a new all-time high of $361,171 during the four-week period ending Dec. 26, according to Redfin.
ATTOM reported that median-priced single-family homes in the fourth of quarter of 2021 were less affordable than historical averages in 77% of counties across the nation with enough data to analyze. That’s up from 39% of counties in the year-ago period.
“Historically low rates and rising wages are still big reasons why workers can meet or come very close to standard lending benchmarks in a majority of counties we analyze.” said Todd Teta, chief product officer with ATTOM. “But the portion of wages required for major ownership expenses nationwide is getting closer to levels where banks become less likely to offer home loans.”
- ◦Economy
