Second-quarter home affordability at lowest level in 10 years
PORTLAND, OR, Aug. 9, 2018 (RISI) -Rising home prices and interest rates pushed housing affordability to a 10-year low in the second quarter of 2018, according to the National Association of Home Builders (NAHB)/Wells Fargo Housing Opportunity Index (HOI) released today.
In all, 57.1% of new and existing homes sold between the beginning of April and end of June were affordable to families earning the U.S. median income of $71,900. This is down from the 61.6% of homes sold in the first quarter that were affordable to median-income earners and the lowest reading since mid-2008.
The national median home price jumped from ...