By Paul Bubny | GlobeSt.
Home prices in 89% of 414 US counties rose faster than wages in the third quarter, ATTOM Data Solutions said Thursday. Twenty-four percent of US county housing markets were less affordable than their historic averages in Q3, according to ATTOM’s Q3 2016 Home Affordability Index.
“The improving affordability trend we noted in our Q2 report reversed course in Q3,” says Daren Blomquist, SVP at ATTOM. He notes that along with home price acceleration, there was a slowing wage growth in local markets as well as nationwide.