It’s the first time a US metro area has exceeded that threshold, by National Association of Realtors math.
The median home price in Silicon Valley topped $2 million in the second quarter – the first time a US metropolitan area has exceeded that threshold – as California claimed eight of the nation’s 11 priciest places to buy a home.By National Association of Realtors math, the price for an existing single-family house in the San Jose-Sunnyvale-Santa Clara area rose 12% in the second quarter from a year earlier to $2.08 million.
Nationally, 89% of metropolitan areas saw home-price increases in the second quarter. The rate on a 30-year fixed mortgage ranged from 6.82% to 7.22% during the period. “It’s terrific news for homeowners who are moving ahead in wealth gains,” NAR Chief Economist Lawrence Yun said in a statement. “However, it’s difficult for those wanting to buy a home as the required income to qualify has roughly doubled from just a few years ago.”The typical mortgage payment was $2,262 a month, up about 11% from the first quarter. Families typically spent 26.5% of their income on mortgage payments in the second quarter compared with 24.2% in the prior three-month period.
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