Pandemic fuels affordability crisis for homebuyers

By Diana Olick | CNBC 

KEY POINTS
• The median home prices of single-family homes and condos in the third quarter are less affordable than historical averages in 63% of U.S. counties, up from 54% a year ago, according to Attom Data Solutions, a property data-base.
• Of the largest counties analyzed, the least affordable included Los Angeles, Phoenix, San Diego and Miami.

Fierce competition for a limited supply of homes for sale has caused a surge in prices. Now, potential buyers, some fleeing urban areas hit hard by the coronavirus pandemic, are facing a national affordability crisis.

The median prices of single-family homes and condos in the third quarter are less affordable than historical averages in 63% of U.S. counties, up from 54% a year ago, according to Attom Data Solutions, a property data-base.

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