Home prices are continuing their steady climb in the nation’s biggest cities, pushing would-be home buyers to seek affordable alternatives in the suburbs—or even other parts of the country.
With too few affordably priced abodes on the market, the cost of purchasing a home around the country jumped 5.1% nationally in July, according to the most recent data from the SP CoreLogic Case-Shiller Indices. That was up ever so slightly from a 5% bump in June.
Prices rose considerably more in some white-hot metros such as Portland, OR, and Seattle. But here’s a surprise: In San Francisco, where the median price is a bank-account-busting $1.2 million, the cost of homeownership didn’t increase from June to July. Phew! However, prices were up 6% from the same month a year ago.