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Housing Affordability Index 3rd Quarter 2018

By
Industry Observer CDRE #01044712

On November 8, 2018, National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI) reported housing affordability at 56.4% of homes sold from beginning of July to the end of September were affordable to families earning median income of $71,900 in the 3rd quarter of 2018, declined from 57.1% in the 2nd quarter of 2018. While median home price was $268,000 in the 3rd quarter of 2018 gained from $265,000 in the 2nd quarter of 2018.

Syracuse, New York region was the most affordable major metro area with 88.2% of all homes sold were affordable with median income of $74,100; While, Kokomo, Indiana was the most affordable small metro area with 93.2% of all homes sold were affordable with median income of $64,100 in the 3rd quarter of 2018.

San Francisco, California was the least affordable major metro area with 6.4% of all homes sold were affordable with median income of $116,400; While, Santa Cruz-Watsonville, California was the least affordable small metro area with 6.5% of all homes sold were affordable with median income of $81,400 in the 3rd quarter of 2018.

“Ongoing job and economic growth provide a solid backdrop for housing demand amid recent declines in affordability,” said NAHB Chief Economist Robert Dietz. “However, housing affordability will need to stabilize to keep forward momentum from diminishing as we move into the new year.”

For complete detailed information about National Association of Home Builders/Wells Fargo (HOI) housing affordability index in the 3rd quarter of 2018, please HERE

Posted by

John Pusa

Better way to buy and sell real estate

Office (818) 441-8881

Mobile (818) 441-8881

Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Hello John,  Always on top of what is happening in the market report that you provide.  Thank You!

 

Nov 10, 2018 10:16 AM
Michael Jacobs
Pasadena, CA
Pasadena And Southern California 818.516.4393

Hello John these national and statewide statistics prove valuable when comparing different areas. Knowledge is power. The more, the better. 

Nov 10, 2018 11:37 AM
John Pusa
Glendale, CA

Hello Will Hamm you are welcome, and glad you find the report very helpful. Thanks for the comment.

Nov 10, 2018 03:01 PM
John Pusa
Glendale, CA

Hello Michael Jacobs I do my best to provide latest accurate stats. You are right,  knowledge is power. Thanks for the comment.

Nov 10, 2018 03:03 PM
Debe Maxwell, CRS
Savvy + Company (704) 491-3310 - Charlotte, NC
The RIGHT CHARLOTTE REALTOR!

No surprise that San Francisco is again the least affordable metro housing area. For me it's a nice place to visit but I wouldn't want to live there.

Nov 10, 2018 03:57 PM
John Pusa
Glendale, CA

Hello Debe Maxwell, CRS demand is high for San Francisco, a nice place to visit. Thanks for the comment.

Nov 10, 2018 07:37 PM