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71 August 2024 J O U R N A L In 514, or 87.3%, of the 589 counties in the study, median house prices increased from the first to the second quarter of this year. They showed a similar trend annu- ally, rising in 441, or 74.9% of those markets. Among the 47 counties in the report with a population of at least 1 million, the biggest year-over-year increases in median prices during the second quarter of 2024 were in Orange County, California (outside Los Angeles) (up 16.2%); Alameda County (Oakland), California (up 12%); King County (Seattle), Washington (up 11.3%); Santa Clara County (San Jose), California (up 9.8%) and Nassau County, New York (outside New York City) (up 8.9%). Counties with a population of at least one million where median prices remained down the most from the second quarter of 2023 to the same period this year were Honolulu County, Hawaii (down 3.8%); Tarrant County (Forth Worth), Texas (down 1.5%); Oakland County, Michigan (outside Detroit) (down 1.4%); Hennepin County (Minneapolis), Minnesota (down 1.1%) and Fulton County (Atlanta), Geor- gia (down 1%). Home Prices Growing Faster Than Wages In 293 (49.7%) of the 589 counties examined in the analysis, year-over-year price changes during the second quarter of 2024 exceeded changes in weekly annual- ized salaries. This is because home values are generally rising annually throughout the United States. This pattern, coupled with rising property taxes and mortgage rates, made affordability worse. The latest group of counties where prices increased more than wages annual- ly included Los Angeles County, Cali- fornia; Cook County, (Chicago), Illinois; Maricopa County (Phoenix), Arizona; San Diego County, California, and Orange County, California (outside Los Angeles). Conversely, in 296 of the counties studied (50.3%), year-over-year changes in average annualized wages outpaced price variations during the second quarter of 2024. Harris County (Houston), Texas; Dal- las County, Texas; Queens County, New York; Tarrant County (Fort Worth), Texas; and Bexar County (San Antonio), Texas, were the most recent counties where wag- es grew faster than prices. MORE RETIREES ARE FOCUSING ON MORTGAGE PAY- OFFS A ccording to Nationwide's Ninth Annual Advisor Authority study, powered by the Na- tionwide Retirement Institute, nearly one-third (31%) of retirees expect to be less secure in their retirement than their parents and grandparents were. As the transition to life after retire- ment demands crucial shifts, including the prioritization of financial commit- ments, short-term financial obligations like basic living expenses, and long-term debt continues to weigh on retirees, with 26% of retired investors continuing to pay off their mortgage, and 25% still paying down credit card debt. This feeling of uncertainty among retirees is compounded by the fact that everyday financial obligations remain a concern, as more than one in five (22%) of retired investors polled by Nationwide are concerned about affording their monthly financial commitments. A Change in Plans Retiring investors have been adjust- ing their priorities to make ends meet in the wake of economic constraints. And while most American savers dream of a retirement of leisure and travel, nearly four in ten (39%) retired investors are spending less on entertainment to meet financial commitments in today's economic environment, and more than one-third (34%) are taking fewer trips or vacations. To compensate further, 22% of retired investors are drawing more funds from retirement accounts, intensifying the traditional decumulation stage. "The picture of life after retirement has changed for many people as econom- ic stressors continue to weigh on retired investors," said Mike Morrone, VP of Nationwide Annuity Business Develop- ment. "Now is the time for advisors and financial professionals to check in with their clients and help them remain calm, "The picture of life after retirement has changed for many people as economic stressors continue to weigh on retired investors." —Mike Morrone, VP of Nationwide Annuity Business Development