Need news in a flash? Here’s what’s happening in your community
New research from the National Association of Realtors pointed out the areas of the country where the inventory shortage is most acute. The 10 most affected markets would need anywhere from approximately 55,000 to 218,000 permits to meet the national average:
- New York City (218,541 permits required)
- Dallas (132,482 permits required)
- Houston (55,661 permits required)
- Atlanta (93,627 permits required)
- San Francisco (127,412 permits required)
- Miami (118,937 permits required)
- Chicago (94,457 permits required)
- Seattle (73,175 permits required)
- Denver (67,403 permits required)
- Phoenix (55,540 permits required)
Top agents are making impactful declarations of loyalty as the high-tech brokerage Compass introduces itself the San Francisco landscape. Its new additions include Malin Giddings and her team from Coldwell Banker and Neal Ward, the no. 1 agent from McGuire Real Estate.
Although the California holds a record for rising incomes, there’s still a large disparity between teacher wages and housing costs. The average home in the state costs well over $500,000, according to Redfin. But the website’s Chief Economist Nela Richardson says this is $200,000 higher than what the average teacher’s salary can afford when assuming just 30 percent of their income is spent on housing.
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