Stagnant incomes are clashing with rising prices and mortgage interest rates to make home purchases less affordable in six of 30 major housing markets, according to John Burns Real Estate Consulting. That includes five large California cities and Portland, Ore. Affordability rates are higher in other parts of the country, with 69% of all home sales in the second quarter qualifying as affordable to families earning the U.S. median income, data show. That figure represents the lowest level of affordability in four years.
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