August 2018 Market Update
Rising home prices, higher interest rates and increased building material costs have pressured housing affordability to a ten-year low, according to the National Association of Home Builders. Keen market observers have been watching this situation take shape for quite some time. Nationally, median household income has risen 2.6% in the last 12 months, while home prices are up 6.0% That kind of gap will eventually create fewer sales due to affordability concerns, which is happening in several markets. The U.S. economy is under scrutiny but certainly not deteriorating.