Housing markets out west are on fire

Real Estate

Prices are rising, supply is tight and competition among buyers is fierce. That's all good news for homeowners. Not so much for buyers.

Home prices have risen faster than wages in many cities, creating an affordability issues for buyers — especially first timers.

"Everything from the Rocky Mountain states and west from there are doing much better than the rest of the country and it's been like that quite consistently," said Lawrence Yun, chief economist at the National Association of Realtors.

Seattle, Las Vegas and San Francisco are leading the way with annual double-digit home price gains in March, according to the latest S&P CoreLogic Case-Shiller Indices.

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