Home prices are closer to stabilizing today than at any time in the past nine years.
Based on the latest data, median selling prices for new and existing homes combined now equal 2.9 times median household incomes, nationwide. This is exactly the ratio that prevailed during the halcyon days of the 1980s, when sales and construction of housing were booming.
Three years ago, just before the housing bubble burst, this ratio was 4.5 times incomes.
Add in the fact that interest rates are much lower today than they were two decades ago and housing is even more affordable.
Lynn Cromer is a real estate sales and marketing professional for Coldwell Banker in beautiful Pinecrest, Florida. For more information on Pinecrest, Florida or the communities of Coral Gables, Palmetto Bay and Coconut Grove, she can be reached at 305-962-4068, by email at Lynn@LynnCromer.com or online at www.LynnCromer.com
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