Some industry experts are claiming that the CT housing market may be headed for a slowdown as we proceed through 2017, based on rising home prices and a potential jump in mortgage interest rates. One of the data points they use is the Housing Affordability Index, as reported by the National Association of Realtors (NAR). Here is how NAR defines the index: “The Housing Affordability Index measures whether or not a typical family earns enough income to qualify for a mortgage loan on a typical home at the national level based on the most recent price … (0 comments)
ct housing affordability index: Inadequate Inventory Driving Prices Up in CT
- 01/03/17 07:18 AM
The latest Existing Home Sales Report from the National Association of Realtors (NAR)revealed a direct correlation between a lack of inventory and rising prices. We are all familiar with the concept of supply and demand. As the demand for an item increases the supply of that same item goes down, driving prices up. Year-over-year inventory levels have dropped each of the last 18 months, as inventory now stands at a 4.0-month supply, well below the 6.0-month supply needed for a ‘normal’ market. The median price of homes sold in Connecticut in November (the latest data available) was $234,900, up 6.8% from last year and marking the 57th consecutive … (0 comments)
ct housing affordability index: How Scary is the Housing Affordability Index in Connecticut?
- 08/25/16 11:16 PM
Some industry pundits are saying that the Connecticut housing market may be heading for a slowdown. One of the data points they use is the falling numbers of the Housing Affordability Index, as reported by the National Association of Realtors (NAR). Here is how NAR defines the index: “The Housing Affordability Index measures whether or not a typical family earns enough income to qualify for a mortgage loan on a typical home at the national level based on the most recent price and income data.” Basically, a value of 100 means a family earning the median income earns enough to qualify for a mortgage on a median … (1 comments)
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