Real Estate Trends
Home prices have risen nationally three times faster than incomes since the turn of the century, which has made home ownership an impossibility for more Americans than ever before.
In many large cities, home prices have outpaced income. In Miami, for example, incomes have risen 16 percent, while home prices have increased 58 percent since early 1998. New York's Long Island suburbs have seen just a 14 percent rise in incomes as compared to an 81 percent increase in home prices. Boston home prices have gone up 89 percent, while incomes have increased only 22 percent.
Even with a downturn in the real estate market looming on the horizon, home sales are still headed for another record year.
The first sector to show slowing is the high-end home market. Because of “overpersonalized” big-ticket properties, the pace of house auctions nationwide has surged.
Low interest rates are the only continuing positive trend of the housing market. Low rates average now less than 6 percent for 30-year fixed-rate loans, the lowest since the 1960s.
Real-estate analysts believe that if the housing market stalls, some areas will continue to grow modestly while other markets gradually go soft, rather than pop.
Affordability in San Joaquin County fluctuates based on many factors. Some include economy, housing prices, housing availability, etc.
This table shows the percent of households in California and the NSJV component counties that can afford to buy a median priced entry level home. A higher percent of households in the NSJV can afford to purchase their first homes than in California. This makes sense as median home prices in other parts of California are so much higher than they are in the NSJV. The most affordable homes for first time home buyers are located in Merced County. Homes are also very affordable in Stanislaus County, while a smaller percent of households in San Joaquin County can afford to purchase their first home. The percent of households able to afford a first home has decreased in all geographies since 2014, reflecting increasing home prices. Data for this indicator was obtained from the California Association of Realtors (CAR). CAR provides the percent of first time homebuyers that can afford to purchase an entry-level home as defined by CAR. This data is presented quarterly so the quarters were averaged to arrive at the annual average (Source: UOP CBPR Index).