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Affordability Remained High in Q3 as Rates Offset Prices

Even through housing prices gained ground in the third
quarter of 2014 the National Association of Home Builders (NAHB) said today
that affordability remained high.  An
estimated 61.8 percent of the homes that sold during the quarter were deemed “affordable”
by families earning the median income. 
In the third quarter that income on a national level was $63,900.

The affordability measure was only a slight dip from
the second quarter when the NAHB/Wells Fargo Housing Opportunity Index (HOE) was
at 62.6 percent.  Median home prices
increased
from $214,000 in the second quarter to $221,000 in the third but
mortgage interest rates eased from 4.44 percent to 4.35 percent over the same
time frame.

 

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