First-time home buyers accounted for less than a third of all home purchases last year, the lowest rate in almost 30 years, as The Wall Street Journal informs therealdeal. Only 25 percent of U. S. counties that have over 100,000 people saw a decrease in affordability of homes since last year.

Despite low unemployment and record-low mortgage rates, the housing market has not kept pace as home prices have risen more than wages. In the Dallas area, historically an affordable market, since 2014 there has been 13 months of consecutive year-over-year price gains above eight percent—nearly twice the national average of 4.7 percent.

One home buyer said buying a home was a very competitive process, requiring her to pay $6,000 above the asking price and an expiration date on the offer. MHProNews understands she compared the transaction to tackling it like a project manager. ##

(Image credit: housingwire–affordable home prices rising)

Article submitted by Matthew J. Silver to Daily Business News-MHProNews.