The salary you need to earn to buy a home right now in 23 of the most expensive US housing markets

By the end of June, there were 1.96 million existing homes available for sale - 7% less than were on the market the same time last year.

"The 2.2 million net new jobs created over the past year generated significant interest in purchasing a home in what was an extremely competitive spring buying season," said Lawrence Yun, NAR chief economist. "Listings typically flew off the market in under a month - and even quicker in the affordable price range - in several parts of the country. With new supply not even coming close to keeping pace, price appreciation remained swift in most markets."

The group reports that while the national median family income rose to $71,529, increasing mortgage rates and home prices will affect Americans' ability to buy a home, specifically in the country's most expensive housing markets.

Using NAR's data on housing affordability, we gathered a list of the US metro areas where the minimum salary required to qualify for a mortgage, after a 20% down payment, is highest. NAR assumes a mortgage rate of 3.9% for all areas, with the monthly principle and interest payment limited to 25% of income.

Notably, the salary needed to qualify in the top-five metro areas - four of which are located in California - exceeds $100,000.

For the US as a whole, the average qualifying income is $47,300 and the median home price is $263,300.

Below, check out how much you need to earn to buy a home in the most expensive housing markets, and what the median home will cost you.

The following markets are based on metropolitan statistical areas, with the exception of Anaheim-Santa Ana-Irvine and Los Angeles-Long Beach-Glendale, which are metropolitan divisions.