US Housing Affordability is Decent, Just Not in California

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Posted To: MND NewsWire

The affordability of homeownership dipped modestly in the second quarter according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI). The index edged down by 3.3 percentage points from the first quarter to 63.2. The HOI is based on the percentage of homes sold during the relevant period that are affordable to median-income earners . The current reading indicates that between the beginning of April and the end of June 63.2 percent of new and existing homes that sold could be considered affordable. The national median home price rose from $210,000 in the first quarter to $230,000 in the second while mortgage rates edged down from 4.03 percent to 3.99 percent. The U.S. median income was $65,800. "Though affordability edged slightly lower in the second quarter...(read more)

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Source: http://www.mortgagenewsdaily.com/08142015_nahb_housing_affordability.asp

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