Americans Need to Earn 70.1% More Today Than Six Years Ago to Afford the Median-priced Home

Rhea-AI Summary

A new Realtor.com report reveals that Americans now need to earn $114,000 annually to afford a median-priced home, marking a dramatic 70.1% increase from $67,000 six years ago. The April Housing Trends Report shows the median listing price at $431,250, with active listings up 30.6% YoY. Pending home sales declined 3.2%, marking the fourth consecutive month of annual declines. The market shows signs of rebalancing with 18.0% of listings seeing price reductions. The West (+41.7%) and South (+33.3%) led in active listings growth. San Jose requires the highest income ($370,069) to afford a median home, followed by Los Angeles ($315,892) and San Francisco ($263,023). Despite inventory improvements, levels remain 16.3% below 2017-2019 norms.

Positive

• Active listings increased 30.6% YoY, providing more choices for buyers
• 18.0% of listings saw price reductions, indicating more seller flexibility
• New listings up 8.2% MoM and 9.2% YoY, improving inventory conditions
• Market showing signs of rebalancing, potentially creating opportunities for prepared buyers

Negative

• Required income to afford median-priced home surged 70.1% in six years to $114,000
• Pending home sales declined 3.2% YoY, fourth consecutive month of decreases
• Nationwide inventory still 16.3% below 2017-2019 pre-pandemic levels
• Median listing price increased 36.9% compared to April 2019

Insights

Real Estate Analyst

Housing affordability crisis deepens with required income up 70.1% since 2019, though increased inventory and price cuts signal potential market rebalancing.

The housing market has reached a critical affordability threshold that's reshaping access to homeownership across America. A household now needs $114,000 annual income to afford the median-priced home—a staggering 70.1% jump from just six years ago. This dramatic surge has effectively placed homeownership beyond reach for vast segments of the population.

The data reveals a market in transition with some buyer-friendly shifts emerging. Active listings have increased 30.6% year-over-year, surpassing April 2020 levels and providing buyers with more options than they've had in years. Particularly notable gains appeared in San Diego (+70.1%), Washington D.C. (+69.3%), and San Jose (+67.6%). Additionally, 18.0% of listings saw price reductions, up 2.5 percentage points from last year, indicating more realistic seller expectations.

However, these improvements haven't yet translated to increased buyer activity. Pending home sales declined 3.2% year-over-year, marking the fourth consecutive month of annual decreases. This persistent hesitation suggests that while the market is rebalancing, the fundamental affordability gap remains too substantial for many prospective buyers to overcome.

The regional disparities are particularly striking, with California markets requiring remarkably high incomes: $370,069 in San Jose, $315,892 in Los Angeles, and $263,023 in San Francisco. Even more concerning is how widespread this crisis has become—Memphis (+94.8%), Providence (+92.8%), and Las Vegas (+86.5%) have seen some of the steepest percentage increases in required income since 2019, demonstrating that affordability challenges now extend far beyond traditionally expensive coastal markets.

Economic Analyst

Housing affordability crisis creates economic strain as required income for homeownership far outpaces wage growth, despite early rebalancing signs.

The housing affordability crisis detailed in Realtor.com's April report represents a significant economic challenge with far-reaching implications. The 70.1% increase in required income for homeownership over just six years reflects a fundamental disconnect between wage growth and housing costs that threatens to reshape American economic mobility patterns.

This widening gap creates a multi-tiered housing economy. When a median-priced home requires $114,000 in annual income—far exceeding median household incomes in most regions—homeownership becomes increasingly concentrated among higher-income households, potentially exacerbating wealth inequality and limiting economic mobility for middle and working-class Americans.

While the market shows signs of rebalancing with active listings up 30.6% year-over-year and 18.0% of listings seeing price reductions, these shifts haven't fundamentally altered the affordability equation. Median listing prices remain 36.9% higher than April 2019 levels, and the combination with elevated mortgage rates maintains significant barriers to entry despite incremental improvements in market conditions.

The four consecutive months of declining pending home sales (down 3.2% year-over-year in April) signals that the market rebalancing hasn't yet translated to increased transaction activity. This reduction in housing turnover affects numerous economic sectors from mortgage lending to home improvement retail.

Perhaps most concerning is the breadth of the affordability crisis. Even in traditionally more affordable markets, required incomes have increased dramatically since 2019—Birmingham (+47.6%), Indianapolis (+47.4%), and Kansas City (+53.9%). This widespread challenge suggests structural issues in housing affordability that extend beyond cyclical market factors, potentially creating long-term headwinds for household formation, geographic mobility, and economic dynamism.

• Americans now need to earn $114,000 to afford the median-priced home
• Pending home sales fall for the fourth straight month YoY, down 3.2%
• Active listings rise 30.6% YoY, surpassing April 2020 levels
• Price reductions hit 18.0% of listings

AUSTIN, Texas, May 1, 2025 /PRNewswire/ -- A U.S. household now needs to earn $114,000 annually to afford a median-priced home. That's up 70.1% from $67,000 just six years ago according to the Realtor.com^® April Housing Trends Report. While it's clear that buying a home has become significantly more expensive, there are optimistic signs that today's market is slowly shifting in buyers' favor. Inventory is climbing, more sellers are adjusting their prices, and buyers are beginning to gain a bit more leverage in the market.

"Even with today's affordability hurdles, meaningful changes in the market could give buyers a better shot at finding a home," said Danielle Hale, Chief Economist at Realtor.com^®. "The number of homes for sale is rising in many markets, giving shoppers more choices than they've had in years. Sellers are becoming more flexible on pricing, underscored by the price reductions we're seeing, and while higher mortgage rates are certainly weighing on demand, the silver lining is that the market is starting to rebalance. This could create opportunities for buyers who are prepared."

April 2025 Housing Metrics – National (*For metro stats, see Table 1 and Table 2 below)

Metric	April 2025	Change over Mar. 2025 (MoM)	Change over Apr. 2024 (YoY)	Change over Apr. 2019
Median listing price	$431,250	+1.5 %	+0.3 %	+36.9 %
Active listings	959,251	+7.5 %	+30.6 %	-15.6 %
New listings	471,788	+8.2 %	+9.2 %	-14.6 %
Median days on market	50	-3 days	+4 days	-4 days
Share of active listings with price reductions	18.0 %	+0.5 percentage points	+2.5 percentage points	+3.5 percentage points
Median List Price Per Sq.Ft.	$233	+1.0 %	+1.1 %	+54.0 %

A $114,000 Homeownership Threshold
Since 2019, the income required to afford the median-priced home has risen $47,000 to $114,00. This figure assumes a 30-year fixed mortgage, a 20% down payment, and no more than 30% of gross monthly income spent on housing. The widening gap is fueled by a combination of rapid home price appreciation and elevated mortgage rates but in some markets, the bar is even higher.

Markets with the Highest Required Incomes to Afford a Home

Metro Area	Required Income to Afford Median Home	Required Income vs Apr. 2019
San Jose-Sunnyvale-Santa Clara, CA	$370,069	+54.3 %
San Francisco-Oakland-Fremont, CA	$263,023	+30.5 %
Los Angeles-Long Beach-Anaheim, CA	$315,892	+86.0 %
San Diego-Chula Vista-Carlsbad, CA	$258,926	+73.4 %
Seattle-Tacoma-Bellevue, WA	$206,777	+54.9 %
Boston-Cambridge-Newton, MA-NH	$232,095	+81.9 %
New York-Newark-Jersey City, NY-NJ	$208,687	+69.4 %
Denver-Aurora-Centennial, CO	$158,462	+42.2 %
Sacramento-Roseville-Folsom, CA	$167,481	+61.7 %
Washington-Arlington-Alexandria, DC-VA-MD-WV	$164,682	+59.1 %

Five California markets showed up in the list above. The state, along with many others represented here, are among the lowest scorers in a recent Realtor.com^® analysis, which assigned a grade (A+ through F) to each state based on home affordability. And, it's clear that California has a lot of homework to do – pun intended.

January Set the Tone and April Followed: Pending Home Sales Continue to Drop
From October to December last year, pending home sales were relatively stronger on a year-over-year basis. But since January, the momentum has shifted, and in April, pending home sales declined 3.2% compared with a year ago, marking the fourth consecutive month of annual declines. A renewed rise in mortgage rates, now back to levels seen in early 2024, is likely a key factor behind the slowdown. As borrowing costs climbed again in late April, some buyers who had been waiting for more favorable conditions are hitting pause, injecting new uncertainty into the market as it moves into the typically busy summer season.

Shifts in Pending Home Sales YoY

Month	YoY Change in Pending Home Sales
April 2025	- 3.2 %
March 2025	- 5.3 %
February 2025	- 5.4 %
January 2025	- 4.1 %
December 2024	+ 2.4 %
November 2024	+ 8.2 %
October 2024	+ 4.3 %

Where's the Silver Lining? 
In light of affordability concerns and more choice for buyers, data suggest that some sellers are meeting buyers in the middle. This month, 18.0% of listings saw price reductions. Additionally, active listings were up 30.6% year-over-year, surpassing April 2020 levels, a notable pandemic-era benchmark.

The West (+41.7%) and South (+33.3%) led the way in active listings growth, while certain markets, including San Diego (+70.1%), San Jose (+67.6%), and Washington, D.C. (+69.3%) saw the biggest local gains.  Despite this, nationwide inventory still sits 16.3% below 2017–2019 norms, meaning buyers have more options but the market hasn't fully recovered.

The full April 2025 monthly housing trends report with additional findings can be found here.

*Table 1: April 2025 Top 50 Metros Median Listing Price and Income

Metro Area	Median Listing Price	Median Listing Price YoY	Median Listing Price per Sq. Ft. YoY	Median Listing Price vs April 2019	Required Income to Afford  Median Home	Required Income vs April 2019
Atlanta-Sandy Springs-Roswell, Ga.	$412,470	-0.8 %	-1.3 %	26.9 %	$109,034	57.7 %
Austin-Round Rock-San Marcos, Texas	$525,000	-5.9 %	-5.1 %	41.9 %	$138,781	76.3 %
Baltimore-Columbia-Towson, Md.	$392,688	11.5 %	4.0 %	19.0 %	$103,805	47.9 %
Birmingham, Ala.	$299,900	1.5 %	0.8 %	18.8 %	$79,277	47.6 %
Boston-Cambridge-Newton, Mass.-N.H.	$878,000	0.9 %	1.6 %	46.4 %	$232,095	81.9 %
Buffalo-Cheektowaga, N.Y.	$280,000	-1.7 %	1.2 %	31.8 %	$74,017	63.8 %
Charlotte-Concord-Gastonia, N.C.-S.C.	$439,500	4.0 %	1.0 %	25.6 %	$116,180	56.1 %
Chicago-Naperville-Elgin, Ill.-Ind.	$372,450	-4.4 %	-0.5 %	9.8 %	$98,455	36.4 %
Cincinnati, Ohio-Ky.-Ind.	$347,725	-7.3 %	2.3 %	23.8 %	$91,919	53.8 %
Cleveland, Ohio	$267,450	7.0 %	8.5 %	34.5 %	$70,699	67.1 %
Columbus, Ohio	$377,450	-4.9 %	1.3 %	24.8 %	$99,777	55.1 %
Dallas-Fort Worth-Arlington, Texas	$430,000	-4.4 %	-0.7 %	19.4 %	$113,668	48.4 %
Denver-Aurora-Centennial, Colo.	$599,450	-4.1 %	-1.1 %	14.5 %	$158,462	42.2 %
Detroit-Warren-Dearborn, Mich.	$253,575	1.4 %	1.8 %	1.3 %	$67,031	25.8 %
Grand Rapids-Wyoming-Kentwood, Mich.	$397,000	-2.6 %	1.0 %	36.9 %	$104,945	70.2 %
Hartford-West Hartford-East Hartford, Conn.	$453,675	6.8 %	7.0 %	49.7 %	$119,927	86.0 %
Houston-Pasadena-The Woodlands, Texas	$369,900	0.2 %	-0.6 %	14.7 %	$97,781	42.5 %
Indianapolis-Carmel-Greenwood, Ind.	$329,211	-3.4 %	-0.8 %	18.7 %	$87,025	47.4 %
Jacksonville, Fla.	$399,995	-4.8 %	-2.9 %	28.1 %	$105,737	59.2 %
Kansas City, Mo.-Kan.	$399,450	-5.3 %	0.5 %	23.9 %	$105,593	53.9 %
Las Vegas-Henderson-North Las Vegas, Nev.	$475,000	0.0 %	0.9 %	50.1 %	$125,564	86.5 %
Los Angeles-Long Beach-Anaheim, Calif.	$1,195,000	0.3 %	1.4 %	49.7 %	$315,892	86.0 %
Louisville/Jefferson County, Ky.-Ind.	$324,950	-0.6 %	1.9 %	16.2 %	$85,899	44.4 %
Memphis, Tenn.-Miss.-Ark.	$345,495	1.8 %	1.6 %	56.8 %	$91,330	94.8 %
Miami-Fort Lauderdale-West Palm Beach, Fla.	$510,000	-5.6 %	-4.2 %	27.8 %	$134,816	58.8 %
Milwaukee-Waukesha, Wis.	$385,000	2.3 %	5.3 %	26.5 %	$101,773	57.1 %
Minneapolis-St. Paul-Bloomington, Minn.-Wis.	$447,400	-0.5 %	-0.2 %	20.4 %	$118,268	49.6 %
Nashville-Davidson-Murfreesboro-Franklin, Tenn.	$549,450	-4.0 %	-1.4 %	48.5 %	$145,244	84.6 %
New York-Newark-Jersey City, N.Y.-N.J.	$789,450	1.9 %	-2.3 %	36.3 %	$208,687	69.4 %
Oklahoma City, Okla.	$322,255	-2.3 %	0.4 %	27.4 %	$85,186	58.3 %
Orlando-Kissimmee-Sanford, Fla.	$425,000	-3.4 %	-2.1 %	35.8 %	$112,347	68.7 %
Philadelphia-Camden-Wilmington, Pa.-N.J.-Del.-Md.	$375,000	1.4 %	2.7 %	36.4 %	$99,129	69.4 %
Phoenix-Mesa-Chandler, Ariz.	$525,000	-2.2 %	-0.9 %	41.4 %	$138,781	75.7 %
Pittsburgh, Pa.	$243,724	0.5 %	1.6 %	33.2 %	$64,427	65.6 %
Portland-Vancouver-Hillsboro, Ore.-Wash.	$614,950	0.0 %	-0.5 %	29.2 %	$162,559	60.6 %
Providence-Warwick, R.I.-Mass.	$584,900	11.5 %	6.9 %	55.2 %	$154,615	92.8 %
Raleigh-Cary, N.C.	$451,245	-0.5 %	-0.3 %	22.0 %	$119,284	51.6 %
Richmond, Va.	$458,950	0.0 %	2.3 %	37.2 %	$121,321	70.5 %
Riverside-San Bernardino-Ontario, Calif.	$602,500	0.4 %	0.3 %	46.8 %	$159,268	82.4 %
Sacramento-Roseville-Folsom, Calif.	$633,570	-2.5 %	-1.5 %	30.1 %	$167,481	61.7 %
San Antonio-New Braunfels, Texas	$339,950	-1.3 %	-2.3 %	15.0 %	$89,864	42.9 %
San Diego-Chula Vista-Carlsbad, Calif.	$979,500	-6.7 %	-3.0 %	39.5 %	$258,926	73.4 %
San Francisco-Oakland-Fremont, Calif.	$995,000	-3.1 %	-5.6 %	5.0 %	$263,023	30.5 %
San Jose-Sunnyvale-Santa Clara, Calif.	$1,399,947	-4.6 %	-1.8 %	24.2 %	$370,069	54.3 %
Seattle-Tacoma-Bellevue, Wash.	$782,225	0.9 %	3.4 %	24.7 %	$206,777	54.9 %
St. Louis, Mo.-Ill.	$294,900	0.2 %	-0.9 %	31.1 %	$77,955	62.9 %
Tampa-St. Petersburg-Clearwater, Fla.	$410,000	-2.4 %	-2.3 %	46.5 %	$108,381	82.0 %
Tucson, Ariz.	$396,133	-3.2 %	-0.7 %	32.7 %	$104,716	64.9 %
Virginia Beach-Chesapeake-Norfolk, Va.-N.C.	$409,950	3.8 %	4.8 %	39.7 %	$108,368	73.6 %
Washington-Arlington-Alexandria, DC-Va.-Md.-W. Va.	$622,983	-0.6 %	-2.9 %	28.1 %	$164,682	59.1 %

*Table 2: April 2025 Top 50 Metros Inventory, Days on Market and Price Reduction 

Metro Area	Active Listing Count YoY	New Listing Count YoY	Median Days on Market	Median Days on Market Y-Y (Days)	Price– Reduced Share	Price- Reduced Share Y-Y (Percentage Points)
Atlanta-Sandy Springs-Roswell, Ga.	45.2 %	8.8 %	46	7	20.8 %	3.1 pp
Austin-Round Rock-San Marcos, Texas	24.5 %	-0.6 %	44	2	25.9 %	1.2 pp
Baltimore-Columbia-Towson, Md.	47.7 %	11.3 %	29	-7	13.4 %	1.4 pp
Birmingham, Ala.	18.2 %	-1.9 %	50	4	16.1 %	1.4 pp
Boston-Cambridge-Newton, Mass.-N.H.	25.7 %	20.1 %	25	1	12.1 %	1.7 pp
Buffalo-Cheektowaga, N.Y.	3.2 %	8.4 %	35	1	6.5 %	1.2 pp
Charlotte-Concord-Gastonia, N.C.-S.C.	53.0 %	17.9 %	42	5	21.1 %	4.2 pp
Chicago-Naperville-Elgin, Ill.-Ind.	11.4 %	1.9 %	33	-1	10.4 %	1.8 pp
Cincinnati, Ohio-Ky.-Ind.	24.0 %	9.6 %	34	3	13.2 %	2.5 pp
Cleveland, Ohio	21.0 %	3.6 %	38	-2	13.0 %	2.1 pp
Columbus, Ohio	37.9 %	7.5 %	31	6	18.8 %	3.6 pp
Dallas-Fort Worth-Arlington, Texas	42.8 %	11.1 %	43	3	25.8 %	4.1 pp
Denver-Aurora-Centennial, Colo.	65.0 %	24.7 %	36	4	27.2 %	6.1 pp
Detroit-Warren-Dearborn, Mich.	16.7 %	10.6 %	37	-3	12.6 %	2.7 pp
Grand Rapids-Wyoming-Kentwood, Mich.	15.4 %	-3.6 %	33	2	9.1 %	-0.3 pp
Hartford-West Hartford-East Hartford, Conn.	15.2 %	10.2 %	30	-1	6.7 %	1.1 pp
Houston-Pasadena-The Woodlands, Texas	33.9 %	10.7 %	44	1	19.2 %	1.1 pp
Indianapolis-Carmel-Greenwood, Ind.	19.7 %	7.5 %	40	2	19.8 %	1.7 pp
Jacksonville, Fla.	35.2 %	0.4 %	57	7	27.6 %	2.7 pp
Kansas City, Mo.-Kan.	11.8 %	11.1 %	47	0	12.6 %	0.5 pp
Las Vegas-Henderson-North Las Vegas, Nev.	60.7 %	18.2 %	44	5	21.4 %	7.5 pp
Los Angeles-Long Beach-Anaheim, Calif.	54.6 %	8.3 %	44	5	14.3 %	5.6 pp
Louisville/Jefferson County, Ky.-Ind.	22.9 %	10.5 %	39	-1	14.7 %	1.0 pp
Memphis, Tenn.-Miss.-Ark.	30.8 %	-7.6 %	56	8	20.6 %	0.4 pp
Miami-Fort Lauderdale-West Palm Beach, Fla.	40.7 %	-1.0 %	72	8	20.1 %	1.2 pp
Milwaukee-Waukesha, Wis.	2.3 %	5.2 %	30	-1	8.7 %	1.8 pp
Minneapolis-St. Paul-Bloomington, Minn.-Wis.	8.9 %	8.4 %	33	-3	10.6 %	0.0 pp
Nashville-Davidson-Murfreesboro-Franklin, Tenn.	34.3 %	4.7 %	47	16	18.8 %	-0.5 pp
New York-Newark-Jersey City, N.Y.-N.J.	3.2 %	3.3 %	45	-1	7.6 %	0.6 pp
Oklahoma City, Okla.	30.0 %	-0.9 %	43	2	18.4 %	0.4 pp
Orlando-Kissimmee-Sanford, Fla.	44.7 %	5.3 %	62	8	23.4 %	2.8 pp
Philadelphia-Camden-Wilmington, Pa.-N.J.-Del.-Md.	18.2 %	6.2 %	35	-5	12.6 %	1.2 pp
Phoenix-Mesa-Chandler, Ariz.	33.3 %	22.9 %	52	-3	31.3 %	7.6 pp
Pittsburgh, Pa.	16.8 %	8.9 %	47	-5	15.7 %	2.4 pp
Portland-Vancouver-Hillsboro, Ore.-Wash.	30.6 %	8.2 %	44	5	23.3 %	2.5 pp
Providence-Warwick, R.I.-Mass.	33.9 %	10.2 %	29	0	8.2 %	1.5 pp
Raleigh-Cary, N.C.	58.2 %	16.2 %	43	5	20.1 %	6.6 pp
Richmond, Va.	20.6 %	12.9 %	36	-5	9.9 %	1.5 pp
Riverside-San Bernardino-Ontario, Calif.	52.4 %	12.6 %	52	7	18.3 %	4.3 pp
Sacramento-Roseville-Folsom, Calif.	49.6 %	13.1 %	38	6	17.9 %	3.3 pp
San Antonio-New Braunfels, Texas	20.1 %	9.5 %	58	4	25.6 %	2.4 pp
San Diego-Chula Vista-Carlsbad, Calif.	70.1 %	14.4 %	37	4	17.8 %	5.9 pp
San Francisco-Oakland-Fremont, Calif.	42.6 %	5.5 %	33	6	13.4 %	4.1 pp
San Jose-Sunnyvale-Santa Clara, Calif.	67.6 %	2.4 %	24	3	12.0 %	4.3 pp
Seattle-Tacoma-Bellevue, Wash.	50.1 %	7.5 %	30	2	14.4 %	5.6 pp
St. Louis, Mo.-Ill.	16.8 %	0.6 %	39	4	13.5 %	1.5 pp
Tampa-St. Petersburg-Clearwater, Fla.	32.1 %	6.0 %	58	6	29.3 %	1.8 pp
Tucson, Ariz.	56.5 %	14.9 %	51	6	23.5 %	4.6 pp
Virginia Beach-Chesapeake-Norfolk, Va.-N.C.	32.1 %	9.4 %	35	3	16.0 %	2.2 pp
Washington-Arlington-Alexandria, DC-Va.-Md.-W. Va.	69.3 %	16.1 %	25	-5	13.8 %	3.6 pp

Methodology
Realtor.com housing data as of April 2025. Listings include the active inventory of existing single-family homes and condos/townhomes/row homes/co-ops for the given level of geography on Realtor.com; new construction is excluded unless listed via an MLS that provides listing data to Realtor.com. Realtor.com data history goes back to July 2016. The 50 largest U.S. metropolitan areas as defined by the Office of Management and Budget (OMB-202301) and Claritas 2025 estimates of household counts. With the release of its January 2025 housing trends report, Realtor.com® has restated data points for some previous months. As a result of these changes, some of the data released since January 2025 will not be directly comparable with previous data releases (files downloaded before January 2025) and Realtor.com® economics research reports.

About Realtor.com^®
Realtor.com^® pioneered online real estate and has been at the forefront for over 25 years, connecting buyers, sellers, and renters with trusted insights, professional guidance and powerful tools to help them find their perfect home. Recognized as the No. 1 site trusted by real estate professionals, Realtor.com^® is a valued partner, delivering consumer connections and a robust suite of marketing tools to support business growth. Realtor.com^® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc.

Media contact:  Asees Singh, press@realtor.com

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SOURCE Realtor.com

FAQ

How much income is needed to afford a median-priced home in 2025?

According to Realtor.com, Americans need to earn $114,000 annually to afford a median-priced home in 2025, up 70.1% from $67,000 six years ago.

Which US city requires the highest income to afford a median home in 2025?

San Jose-Sunnyvale-Santa Clara, CA requires the highest income at $370,069 to afford a median-priced home.

What is the median home listing price in April 2025?

The median home listing price in April 2025 is $431,250, representing a 0.3% increase year-over-year and 36.9% increase compared to April 2019.

How much have pending home sales declined in April 2025?

Pending home sales declined 3.2% compared to April 2024, marking the fourth consecutive month of year-over-year declines.

What percentage of home listings had price reductions in April 2025?

18.0% of home listings saw price reductions in April 2025, an increase of 2.5 percentage points year-over-year.