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Typical Home in San Jose Now Costs More Than $1 Million

Source: blogs.wsj.com | Re-Post MNM Partners, LLC 8/24/2016

San Jose Home 300 wide

Rising home prices and growing affordability concerns showed no signs of abating in the second quarter, as San Jose, Calif. became the first city where the price of a typical home eclipses $1 million.

Home prices rose in 83% of metropolitan areas across the U.S. in the second quarter compared with a year earlier, according to data released Wednesday by the National Association of Realtors. That is a slight decline from the first quarter, when price increases were reported in 87% of metro areas.

Still, there were some signs the market is starting to cool, bringing welcome relief for home buyers. Twenty-five out of the 178 metropolitan areas included in the report experienced double-digit price gains, down significantly from the same period last year, when 34 metro areas saw double-digit gains.

Twenty-nine metros also experienced price declines this quarter, according to NAR.

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