Housing Market Update:
- The median sales price of an existing single-family home in the US is now up ~50% over the last 5 years.
- At the same time, average weekly earnings have increased by only ~25%.
- In other words, house prices growth has DOUBLED wage growth since 2019.
- In June, the median sales price of a US home hit a record of $442,525.
- As a result, homebuyer conditions for US consumers have declined to an all-time low, even below 1980s levels when mortgage rates were at a record 16%.
- Housing affordability is brutal at best.
