Miami saw a new surge in unaffordability, sailing past Boise
By Patrick Kearns | Dec 9, 2021
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The median home sold price in Austin, Texas in November skyrocketed 29.7% to $452,000.00 in November, a stunning increase that has brought new levels of unaffordability to the Central Texas market, according to data released Thursday by real estate tech company OJO Labs. But despite the surge, which led the nation in November, Austin maintained its place outside of the top 10 when analyzing the unaffordability score for the top 50 metros — a measure contrasting median home sold price to local household incomes. It’s a testament to just how much affordability has dwindled during the last year.
The three most unaffordable markets have remained unchanged since OJO Labs began tracking the data in July, with San Francisco as the leader, followed by some combination of San Diego and Los Angeles or vice versa, all in California. San Francisco in particular saw its median home sold price rise 14.7% to $1.2 million.
In November, the Miami-Fort Lauderdale, Florida metro area moved past Boise, Idaho into fourth place due to a 20.7% rise in the median home sold price with the median home selling for $420,000. Despite falling to fifth place, Boise saw its median home sold price rise 21% to $460,000.
Green Bay-Appleton, Wisconsin continued to be the most affordable of the top 50 metro areas in the nation, in terms of homes sold. The median home price in Green Bay-Appleton in November was $145,000, actually a decrease of 6.4 from the year prior. Buffalo, New York; Cleveland-Akron, Ohio; Pittsburgh, Pennsylvania; and Hartford-New Haven, Connecticut rounded out the top five in terms of most affordable metro areas on the list.
The only other metro area to actually see prices fall year over year was Baltimore, Maryland, which saw the median home sold price fall 2.1%, making it the 11th most affordable metro area on the list.
The unaffordability score, on a national level, continued to increase month-over-month in November, even as seasonality returns slightly to the housing market. The median home price was up 15% year over year in November.