Author Brian McCabe finds that our belief about home ownership as a way to improve civic life doesn't necessarily pan out
This week the National Association of Realtors reported that the median price for a home is $191,600, up nearly 9 percent from last year, and a buyer purchasing a similarly-priced home with a 5 percent down payment would need an income of $44,200 to land a mortgage.
Here & Now’s Jeremy Hobson checks in with two Realtors: Randy Courtney in Arizona and Anthony Graham in north Texas.
Courtney says Phoenix’s hot market last year has slowed to the point where there is now a five-month backlog of homes for sale, and more people are deciding to rent because prices are so high.
Graham says the housing market is “the hottest we’ve ever seen,” with only a one-month supply of homes in some Dallas suburbs where Realtors “can’t keep things on the market” because they’re being snapped up so fast.