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US home prices outpaced income growth in 2018

US home prices outpaced income growth in 2018 | iNFOnews.ca
FILE This Oct. 3, 2018 file photo shows a home offered for sale in the Atlanta suburb of Roswell, Ga. Home prices in 2018 climbed 4.5%, while incomes grew 3.2%, according to CoreLogic real estate figures and government wage data. This gap is widening at a slower pace compared to recent years as gains in average hourly earnings have risen. Meanwhile, a slowdown in homebuying since 2018 has limited price gains in real estate and improved affordability. (AP Photo/John Bazemore, File)

WASHINGTON – Home prices in 2018 climbed 4.5%, while incomes grew 3.2%, according to CoreLogic real estate figures and government wage data.

This gap is widening at a slower pace compared to recent years as gains in average hourly earnings have risen. Meanwhile, a slowdown in homebuying since 2018 has limited price gains in real estate and improved affordability.

Across the country, there are significant variations in this trend as some markets are seeing affordability worsen and others have seen it stabilize after rapid growth.

Home prices in the Boise, Idaho area jumped 16.3%, significantly higher than the 3.7% gain in incomes.

But in the past year, rising incomes in New York, Seattle and San Francisco along slowing growth in home prices has improved affordability slightly.

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