Housing Affordability - 1st Quarter 2013
Nationwide housing affordability held near historic highs in this year’s first quarter, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI), released yesterday.
In all, 73.7 percent of new and existing homes sold between the beginning of January and end of March were affordable to families earning the U.S. median income of $64,400. This is down slightly from the 74.9 percent of homes sold that were affordable to median-income earners in the final quarter of 2012.
“Thanks to very favorable mortgage rates and prices, housing affordability has remained quite high over the past four years,” observed NAHB Chairman Rick Judson, a home builder from Charlotte, N.C. “The HOI has not slipped below 70 since the end of 2008.
“It should be noted that rising costs for building materials, lots and labor are making it somewhat more expensive to construct new homes in today’s market.” The bottom line is that, for consumers who can qualify for a mortgage at today’s attractive rates, the majority of homes being sold remain within their grasp in markets nationwide.
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