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Housing Affordability at Best Levels in Three Years

Posted To: MND NewsWire

One year after hitting a ten-year low, housing affordability has risen to its highest level in three years. Rose Quint, writing in the National Association of Home Builders Eye on Housing Blog , says 63.6 percent of new and existing homes sold in the third quarter of this year were affordable to households earning the U.S. median income of $75,500. It was exactly one year ago when Quint wrote that only 56.4 percent homes sold during Q3 of 2018 were affordable to families who were earning the then current median income of $71,000. At that point the prevailing interest rate was 4.72 percent and the median home price was $268,000. The NAHB/Wells Fargo Housing Opportunity Index (HOI) had risen to reflect 60.9 percent affordability by the second quarter of this year. The improved affordability is...(read more)