Two new data reports have reaffirmed the continued acceleration of home prices.
The national required household income to purchase the median priced home rose to $116,000 in April, after accounting for the cost of tax and insurance, according to new data from Realtor.com. This is $5,900 higher from one year earlier.
Six major metros required a household income of over $200,000, with four of the six based in California: San Jose (household income $361,000), Los Angeles (household income $298,000), San Diego (household income $259,000) and San Francisco (household income $256,000). The other two metros areas were on the East Coast: Boston (household income $226,000) and New York City (household income $218,000).
On the flip side, there were 16 metro areas that required a household income of less than $100,000. The most affordable by this measure were Pittsburgh (household income $67,000), Detroit (household income $69,000), Cleveland (household income $71,000), Birmingham, Alabama (household income $75,000) and Buffalo, New York (household income $79,000).
Realtor.com also noted that the median list price increased from $424,900 to $430,000 between March and April, while remaining stable compared to the same median list price in April of last year.
Separately, data from Redfin (NASDAQ:RDFN) found the median home-sale price rose from a year earlier or stayed the same in all 50 of the most populous U.S. metros during the four weeks ending April 28 – the first time that has happened since July 2022. Redfin’s data put the median sale price to a near-record $383,188, up 4.8% year over year.
Home-price increases impacted both affluent and more affordable metros – the highest year-over-year increases were in Anaheim, California (20%), Detroit (14.9%), San Jose (13.6%), West Palm Beach, Florida (13.4%) and New Brunswick, New Jersey (12.8%). New listings are up 15% year-over-year in April, although Redfin pointed out there were fewer new listings this April than any year on record except 2023 and 2020.
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