June 2021 saw no change from the previous month in the relatively affordability of new homes sold in the U.S. The median sale prices of new homes sold in the U.S. stayed at 5.31 times median household income for the month.
Believe it or not, that's a positive development for the recent trend, because it means the growth of nominal incomes kept pace with the escalation of nominal house prices from May to June 2021.
The bad news is that level is near the all time lows for the relative unaffordability of new homes sold in the U.S. Historically, new homes have only been more expensive in the period from January 2015 through September 2018.
References
U.S. Census Bureau. Median and Average Sales Prices of New Homes Sold in the United States. [Excel Spreadsheet]. Accessed 26 July 2021.
U.S. Bureau of Economic Analysis. Table 2.6. Personal Income and Its Disposition, Monthly, Personal Income and Outlays, Not Seasonally Adjusted, Monthly, Middle of Month. Population. [Online Database (via Federal Reserve Economic Data)]. Last Updated: 30 July 2021. Accessed: 30 July 2021.
U.S. Bureau of Economic Analysis. Table 2.6. Personal Income and Its Disposition, Monthly, Personal Income and Outlays, Not Seasonally Adjusted, Monthly, Middle of Month. Compensation of Employees, Received: Wage and Salary Disbursements. [Online Database (via Federal Reserve Economic Data)]. Last Updated: 30 July 2021. Accessed: 30 July 2021.
Political Calculations. Median Household Income in June 2021. [Online article]. 4 August 2021.
Labels: median household income, real estate
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