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IRVINE, CA—National housing prices haveincreased to the point where 34% of US county housing markets arenow less affordable for buying than their long-term averages,according to a report from RealtyTrac. Thefirm found that as of the second quarter, one-third of the countiesanalyzed have surpassed their historical averages forincome-to-price affordability percentages since 2000, making themless affordable now than they have been on average over the last 14years.

The report calculated both the percentage of median incomeneeded to make monthly payments on a median-priced home in eachcounty in May and the historical trend in each county'sincome-to-price affordability percentage going back to January2000. It also analyzed the impact of rising interest rates onaffordability, calculating the percentage of median income neededto make payments on a median-price home if interest rates rise by aquarter percentage point, a half percentage point, three-quartersof a percentage point or a full percentage point.