HOUSING PRICES - NORTHEAST

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NEW YORK MSA

HPI Price Walk:

2000 to Peak: Home prices more than doubled, or 12.0% annualized.

Peak to Trough: Decline of 27%, or (5.5)% annualized.

Trough to COVID: Home prices surging again; up 3.3% annualized.

COVID to Fed Tightening: Home prices surge 13.6% annualized.

Fed Tightening: Home prices rise 4.7% annualized.

Fed Pause to Current: Home prices rise 2.8% annualized.

NEW YORK: HOME AFFORDABILITY

HOME AFFORDABILITY

 Home Affordability is significantly more costly than U.S. averages.

Home "P/E" Ratio = 6.8X.

 Median home purchase is 6.8X median family income compared to 4.2X for U.S.; takes ~6.8 years of a New York area family's income to earn the sale price of the median priced home compared to ~4.2 years on average across the U.S.

NAHB HOI Index = 13.1%.

 13% of families can afford median priced home (NAHB HOI)

BOSTON MSA

HPI Price Walk:

2000 to Peak: Home prices rose 82%, or 10.7% annualized.

Peak to Trough: Decline of 20%, or (6.4)% annualized.

Trough to COVID: Home prices surging again; up 4.0% annualized.

COVID to Fed Tightening: Home prices surge 15.0% annualized.

Fed Tightening: Home prices rise 1.4% annualized.

Fed Pause to Current: Home prices fell (0.3)% annualized.

BOSTON: HOME AFFORDABILITY

HOME AFFORDABILITY

 Home Affordability is more costly than U.S. averages.

Home "P/E" Ratio = 4.7X.

 Median home purchase is 4.7X median family income compared to 4.2X for U.S.; takes ~4.7 years of a Boston area family's income to earn the sale price of the median priced home compared to ~4.2 years on average across the U.S.

NAHB HOI Index = 19.8%.

 20% of families can afford median priced home (NAHB HOI)