Metropolitan Median Area Prices and Affordability
Home prices continued to rise in most metro areas during the second quarter, causing affordability to fall slightly despite low mortgage rates.
The next quarterly Metropolitan Median Area Prices and Affordability and Housing Affordability Index release will be Thursday, November 3, 2016, at 10:00 a.m. Eastern Time.
NAR’s quarterly Metropolitan Median Area Prices and Affordability report provides a breakdown of condo and co-op prices by metro market.
Metro Area Construction and Employment
NAR measured the amount of new home construction relative to the number of newly employed workers in 146 metropolitan statistical areas1 (MSAs) throughout the U.S. to determine whether homebuilding has kept up with the steadily improving pace of job growth in the past three years2. The findings reveal that homebuilding activity for all housing types is underperforming in roughly two-thirds of measured metro areas.
1Areas are generally metropolitan statistical areas as defined by the U.S. Office of Management and Budget. NAR adheres to the OMB definitions, although in some areas an exact match is not possible from the available data. A list of counties included in MSA definitions is available at: http://www.census.gov/population/estimates/metro-city/List4.txt.
2NAR’s study analyzed homebuilding permits and employment data during the years of 2012 through 2014.
Ranked Median Single Family 2nd Quarter 2016 (PDF: 604K)
Revised Historical Data
NAR has revised data for several MSAs to be consistent with the 2013 Office of Management and Budget standards.
Revised MSA Data: Condo/Co-op (MS Excel: 48 KB)
Revised MSA Data: Single Family (MS Excel: 53 KB)
Historical data can be purchased in the REALTOR® Store.
Third quarter 2016 metro area home prices and quarterly existing-home sales will be released Thursday, November 3, 2016, at 10:00 a.m. ET.