First American: Housing affordability spiked during spring home buying season
First American | September 27, 2019
In July, home prices rose 0.5%, declining 3.8% year over year, according to First American’s Real House Price Index. According to First American’s data, unadjusted house prices sit 7.4% above the housing boom peak. Whereas consumer buying power ticked up 0.5% between June and July, increasing 12.2% year over year. This means when consumer house-buying power is factored in, home prices are actually 41.1% below their 2006 peak and 17% below prices from January 2000.