Short sales, South Placer market trends, mortgage rates, ranch property and three featured homes.ALEX DYER | REAL ESTATEPLACER & SACRAMENTO COUNTIES · SEPTEMBER 24, 2026This week's market
Is Affordability Worse Than the 2006 Housing Boom Peak?
Dated: June 10 2022
Views: 98
Source: Mark Flemming, First American Title Company
In the first report with 2022 data, the Real House Price Index (RHPI) jumped up by nearly 27 percent, the fastest growth in the RHPI since 2004. This rapid annual decline in affordability was driven by a 21.7 percent annual increase in nominal house prices and a 0.7 percentage point increase in the 30-year, fixed mortgage rate compared with one year ago. Even though household income increased 5 percent since January 2021, it was not enough to offset the negative impact on consumer house-buying power from higher rates and fast-rising nominal prices.
“Homes are less affordable than they were a year ago, but nationally and in most markets, they remain much more affordable than at the peak of the 2006 housing boom.”
In the near term, affordability is likely to wane further nationally as rising mortgage rates and increasing house prices continue to outpace gains in household income. However, it’s helpful to put affordability in historical context.
Alex Dyer
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