Housing affordability crushed as median home price exceeds $400K

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Housing affordability crushed as median home price exceeds $400K
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The affordability of single-family homes “dramatically tumbled” in the second quarter.

Prospective homebuyers are facing historically difficult market conditions as steep home prices and costly mortgage payments combine to slam their budgets.

“Home prices have increased at a pace that far exceeds wage gains, especially for low- and middle-income workers,” said NAR Chief Economist Lawrence Yun.

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