The Blubber

Per Morningstar

Buying a home in the US has become increasingly difficult with about 51% of households earning up to $75,000 yearly only being able to afford 23% of home listings. This was according to a report by the National Association of Realtors and Realtors.com.

Earners that take home up to $75,000 annually could only afford homes that cost $256,000. This would mean that of the April 2023 1.1 million home listings, these buyers would only be able to purchase 262,580 of those properties.

In April 2018, it was reported that earners making the same amount of money could buy just under 50% of the listed properties. NAR senior economist Nadia Evangelou gave a statement to Market Watch.

Evangelou: "It's more expensive to build a home, due to inflation and supply chain disruptions we had in the past... you can broaden your search area to more affordable areas,"

In May, it was reported that home sales were down despite the steepest price drop in 11 years. The properties that saw a drop in sales included townhomes, co-ops, single-family homes, and condominiums.

Recently, it was reported that US home costs were up 44% higher than pre-pandemic levels. This was a comparison between now and January 2020 where the median home price pre-pandemic was $290,264 but is now $419,103.

See flow at unusualwhales.com/flow.

Other News:

• US home sales are down despite the steepest price drop in 11 years
• US home costs are 44% higher than pre-pandemic levels

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