The Atlanta Fed has interesting research paper on the housing market.
- The national HOAM index stood at 92.2 in June, its lowest level since 2008.
- National housing affordability fell 11.9 percent in June, the sharpest drop since 2014.
- Home sale prices were up 23.8 percent over the past year.
- On average, a median-income household would need to spend 32.6 percent of its annual earnings to own a median-priced home.
- Although demand for housing remains strong, steadily declining affordability is beginning to affect buying decisions.
The latest reading of an Atlanta Fed measure and US housing trends show home ownership is becoming out of reach for many buyers and resistance to higher prices is building. More than 80 percent of US metro areas had a drop in affordability.
Where is housing most and least affordable?
Of course, the one chart that The Fed never includes is home price growth and Fed monetary policy.
So, if The Fed is so concerned with median-income households being priced out of housing markets, why are the still sticking with their unorthodox monetary policies?
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