House hunters are increasingly getting priced out of the real estate action, with homeownership now out of reach for most people in more than 4 in 10 counties across the U.S., a new analysis shows.
Home prices jumped more than 10% in two-thirds of the 569 counties tracked by Attom Data Solutions, a provider of property data. All together, those counties represent about 250 million Americans, according to the research firm, which analyzed publicly recorded sales-deed data for counties that recorded the most real estate transactions between April and June.
The number of counties where homeownership is now considered unaffordable jumped about 20% from a year earlier, rising to 242 counties in the second quarter compared with 205 in the year-earlier period. Attom said.
The latest data signal that America’s housing market is going in the “wrong direction,” said Todd Teta, chief product officer with Attom. The surge in home prices is…