{"id":63534,"date":"2026-07-11T03:00:37","date_gmt":"2026-07-11T01:00:37","guid":{"rendered":"https:\/\/housesmarketplace.com\/housing-affordability-is-improving-as-wages-outpace-home-price-growth\/"},"modified":"2026-07-11T03:00:37","modified_gmt":"2026-07-11T01:00:37","slug":"housing-affordability-is-improving-as-wages-outpace-home-price-growth","status":"publish","type":"post","link":"https:\/\/housesmarketplace.com\/ru\/housing-affordability-is-improving-as-wages-outpace-home-price-growth\/","title":{"rendered":"Housing affordability is improving as wages outpace home-price growth"},"content":{"rendered":"
\n

Existing home sales came out yesterday showing slight year-over-year growth<\/a>, but the headlines were all about home prices at an all-time high. However, most people weren\u2019t focused on the fact that wages have been outpacing home prices for some time now, which is a positive. <\/p>\n

Yesterday I went on Yahoo \u0424\u0438\u043d\u0430\u043d\u0441\u044b<\/a> to talk about how the housing market is getting healthier, and \u0441\u0435\u0433\u043e\u0434\u043d\u044f\u0448\u043d\u044f\u044f \u0441\u0435\u0440\u0438\u044f <\/a>of the HousingWire Daily podcas dives into that conversation as well. So lets talk about slower price growth being a positive for affordability.<\/p>\n

History of home prices<\/h2>\n

It\u2019s very normal for home prices to rise. In fact, if I exclude 2007-2011, home prices have not fallen by even 1% since 1942. In 1990, we were down 0.7%, and in 1991, we were down 0.02%. <\/p>\n

However, as you can see below, we have had many years when real home prices<\/em> fell, meaning the growth rate of prices is lower than the growth rate of inflation. This year is a good example of this, where the growth rate of prices is running below the growth rate of inflation and wage growth. <\/p>\n

For example, assume home prices are up 1% this year, but wage growth is running at 3.5% and inflation is running at 3% \u2014 this kind of year helps with affordability over time. The fact that inflation is higher than home-price growth shows that home-price growth is actually soft this year.\u00a0<\/p>\n

I am very excited about this data because the housing market is no longer savagely unhealthy, but healthy again. My 2025 price forecast was for 1.77%; we ended the year at 1.3%. Wages rose faster than home prices. So far this year, home prices are performing a smidge better than I forecast, which was at a -0.62%, but wages are still outpacing them. These facts are a positive for the housing market, not a negative.<\/p>\n

\u0418\u043d\u0432\u0435\u043d\u0442\u0430\u0440\u0438\u0437\u0430\u0446\u0438\u044f \u0436\u0438\u043b\u044c\u044f<\/h2>\n

Even though inventory fell month-to-month and we aren\u2019t back to normal inventory levels, per the NAR data<\/a>, inventory is at levels I would never describe as low. My rule of thumb has been simple: as long as we have 1.52 million -1.93 million active inventory with over four months\u2019 supply, we are good, and we can see that to be the case in 2025 and 2026. <\/p>\n

Now, inventory is very seasonal, and in a few months it will see its traditional seasonal decline, but price growth cooling down because of this is a positive, not a negative. Normal inventory is between 2-2.5 million, and in yesterday\u2019s report we stood at 1.56 million with 4.6 months of supply. For context, the peak in 2007 was 4 million. More supply means more choices for buyers, and sellers can\u2019t dictate the terms as much, which slows down price growth and increases affordability.\u00a0<\/p>\n

\u0417\u0430\u043a\u043b\u044e\u0447\u0435\u043d\u0438\u0435<\/h2>\n

Home-price growth was 1.8% in the last existing home sales report, a bit firmer than my forecast for 2026, but still lower than wage growth, which is running at 3.5%. Over time, as long as this type of price growth continues, with wage growth outpacing it, it\u2019s a huge plus. <\/p>\n

Just remember how unhealthy home-price growth was in 2020, at 10%, and in 2021, at 19%. Now price growth below wage growth is just what the housing doctor ordered for this marketplace.<\/p>\n

<\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"

Existing home sales came out yesterday showing slight year-over-year growth, but the headlines were all about home prices at an all-time high. However, most people weren\u2019t focused on the fact that wages have been outpacing home prices for some time now, which is a positive. Yesterday I went on Yahoo Finance to talk about how […]<\/p>","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-63534","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"yoast_head":"\nHousing affordability is improving as wages outpace home-price growth - Houses Marketplace<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/housesmarketplace.com\/ru\/housing-affordability-is-improving-as-wages-outpace-home-price-growth\/\" \/>\n<meta property=\"og:locale\" content=\"ru_RU\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Housing affordability is improving as wages outpace home-price growth\" \/>\n<meta property=\"og:description\" content=\"Existing home sales came out yesterday showing slight year-over-year growth, but the headlines were all about home prices at an all-time high. 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