While wages have risen 15.7% in the same time frame, they haven't kept pace with borrowing costs.
In July, inventory saw small gains in some counties, but the market is still tight overall.
The analysis projects substantial traffic growth in the corridor over the next 30 years, due both to proposed development and long-term population trends.
While wages have risen 15.7% in the same time frame, they haven't kept pace with borrowing costs.
In July, inventory saw small gains in some counties, but the market is still tight overall.
The ever-so-slight improvement in housing affordability is inching up home sales.
Despite the dip in closings, prices continued to rise: the median sales price for single-family homes jumped 7.3% to $775,000.
Home prices have been rising faster in the Midwest, due to affordability, and the Northeast, due to limited inventory.
The Out of Reach report found that the cost of housing in the Hudson Valley continues to rise faster than wages for renters and buyers.
This deepening crisis means that without interventions aimed at significantly ramping up affordable housing supply, the city's affordability gap could linger for generations.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($806,500 or less) decreased to 6.83% from 6.84%.
Pending sales in the Northeast increased incrementally even though home price growth in the region has been the strongest in the country.
Market dynamics continue to reflect high competition at the entry level and slower movement in the luxury tier.
Closed sales for all properties edged down 6.0% year-over-year to 3,972 transactions, with single-family home closings down 4.6%.
More supply is needed to increase the share of first-time homebuyers in the coming years even though some markets appear to have a temporary oversupply at the moment.
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