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Housing affordability up in February but declines significantly from February 2013

PORTLAND, OR , April 15, 2014 (RISI) - 

Housing affordability was up for the month of February but down year-over-year, according to The National Association of Realtors' latest Housing Affordability Index. The median price for a single family home in the U.S. increased slightly by 0.7% from January. The median single-family home price is $189,200, up 9.0 % from a year ago. Affordability is down from 209.8 in February 2013 to 175.7 in February 2014.

Mortgage rates are up 91 basis points (one percentage point equals 100 basis points) from last year, nationally. Income levels are up 1.9% from last year.

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