For the sixth consecutive quarter, St. George real estate remains affordable. Encouraged by favorable interest rates and low home prices, real estate affordability has continued to remain high across the nation.
The Housing Opportunity Index recently indicated that 72.3% of all existing and new homes sold in the second quarter of 2010 were affordable for families who earn the national median income of $64,400. The second quarter index was a little more affordable than the previous quarter and nearly equal to record highs of 72.5%, which was set during the first quarter of 2009.
Until 2009, the Housing Opportunity Index rarely topped 67% and had never reached 70%. Right now, homeownership is still within reach of more households everyday. While interest rates have recently risen, they are still near historic low levels. This is helping the economy to rebound and home prices to stabilize. It is also helping bring more home buyers back to the market, which is a needed step on the path of recovery.
For more information about current real estate conditions, visit www.nahb.org.
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