The Wall Street Journal's Laura Kusisto looks at yesterday's report from the National Association of Realtors which showed that price growth slowed during the very height of summer, suggesting a muted pace to the second-half of the year.
“While price growth still teetered near or above unhealthy levels in some markets, the good news is that there was some moderation despite the stronger pace of sales,” said Lawrence Yun, chief economist at the National Association of Realtors.
West Coast cities remained dominant in terms of price growth. The most expensive market was the San Jose metro area, where the median existing single-family price was $965,000, followed closely by San Francisco at $809,400 and Anaheim-Santa Ana, Calif., at $715,300.
In a separate report released Thursday, the California Association of Realtors said affordability there remains a major concern, despite fairly flat price growth. Just 29% of California households could afford the median-priced home in the state, which costs more than $487,000, down from 30% in the second quarter.