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
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