Housing prices up, housing affordability tumbles

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The increases in housing prices continued to reach new heights in May. The national price gain of 16.6 percent over the year was a record high for the S&P CoreLogic Case-Shiller report, released July 27. All metropolitan areas included in the report had double-digit increases in home prices year-over-year in May with Phoenix continuing to be at the top with a 25.9 percent gain in house prices followed by San Diego at 24.7 percent and Seattle at 23.4 percent. The 20-city composite posted a gain of 17.0 percent.


READ ALSO: Metro Phoenix homes sold $500K over asking price more than triple in Q2


Sierra Vista was one of the most affordable places in America during the second quarter as the NAHB/Wells Fargo Housing Opportunity Index indicated it had the third highest share of homes that were affordable for the local median income at 93.2 percent. Nationally, the share of new and existing homes affordable to families earning the U.S. median…

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