The average price of homes in the largest city of Silicon Valley exceeded one million
Photo: depositphotos.com
The continuing growth in housing prices set a new record: California-based San Jose became the first city in the United States, where the average purchase price of a house exceeded $ 1 million.
According to statistics released last Wednesday by the National Association of Realtors, housing prices rose in the second quarter of this year in 83% of urban agglomerations in the United States. The growth slowed down a bit compared to Q1, when price increases were noted in 87% of the country's large cities. In addition, in the 29 agglomerations, housing prices even fell.
Despite this slight cooling, prices continued to surge in many regions, most notably California and Northwestern cities including Portland and Seattle. The national average home price was just over $240, up 5% from the second quarter of last year.
Falling mortgage rates and an insignificant increase in income had little impact on the affordability of housing for the middle class. In order to buy a home at the average national price, a buyer making a down payment of 5% must earn at least $ 52 255 per year. Last year, this required an annual income of just over $ 49 000.
San Jose was recognized as the city with the highest housing prices: the average cost of a house here is estimated at $ 1 085 million. It is followed by San Francisco ($ 885 600) and Anaheim Santa Ana in California ($ 742 200).
Top-5 cities with the highest rates of housing price growth included Boulder in Colorado (+ 18,5%), Elmira in New York (+ 17,6%), Springfield in Illinois (+ 17,1%), Port St. Lucie in Florida (+ 16,1%) and Cumberland in Maryland (+ 15,2%). The list of cities with the largest drop in housing prices included Atlantic City - Hammonton in New Jersey (-13,1%), Binghamton in New York State (-10,2%) and Erie in Pennsylvania (-7,9%) .
Read also on ForumDaily:
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