Housing affordability at record levels

Housing affordability is near its highest level in more than twenty years, according to National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI) data released Thursday.

The HOI indicated that a near-record 72.9 percent of all new and existing homes sold in the third quarter of the year were affordable to families earning the national median income of $64,200. The affordability measure rose slightly from the 72.6 percent set last quarter and has remained above the 70 percent threshold for 11 consecutive quarters. The HOI rarely rose above 60 percent prior to this period.

The increase in affordability is likely due to stabilizing home prices and sustained low interest rates.

To read more, click here.