Santa Monica Monthly – September 2024

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Many Cities Post Record High Home Prices in 2nd Quarter

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Nearly 90% of major metros across the U.S. registered home price gains in the second quarter, the National Association of REALTORS® reported Tuesday. Homeowners are feeling richer, but home buyers are digging deeper into their pocketbooks to afford a property.

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“The record high home prices in most metro markets bring good and bad news,” says NAR Chief Economist Lawrence Yun. “It’s terrific news for homeowners who are moving ahead in wealth gains. However, it’s difficult for those wanting to buy a home as the required income to qualify has roughly doubled from just a few years ago.”

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These home price increases come as mortgage rates rose to near 7% during the second quarter, which contributed to worsening housing affordability, NAR reports. The monthly mortgage payment on a typical existing single-family home, with a 20% down payment, is $2,262, up 10.3%—or $212 per month—compared to just a year ago, NAR’s latest quarterly report shows. Families are devoting nearly 27% of their income to mortgage payments, a rising percentage that has economists alarmed.

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Read more... nar.realtor

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Food Obsession of the Month

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Eggs Florentine

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Eggs Benedict might be the classic, but if you’re not in the mood for meat, you can’t go wrong with eggs florentine. Featuring perfectly poached eggs on a bed on sautéed spinach covered with a layer of creamy rich hollandaise, this lesser-known brunch dish is primed to step into the spotlight.

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Source: Delish