The 20 metro home price index rose 6.31% YoY. The bad news? Hourly earnings for US private sector workers is only growing at 2.70% YoY.
As they say, all real estate is local. The fastest growing city in term of home prices is Las Vegas at 13% YoY with Seattle in close second at 12.8% YoY.
The slowest growing cities are Washington DC that is growing at a below-average rate of 2.9% YoY and Chicago at only 3.3% YoY.
The growing gap between home price growth and earnings growth is reflected in the rising cost of first time buyers.