Lower interest rates helped make homes more affordable to median-income families even as house prices continued to inch up in metro areas across the country in the third quarter, according to the NAHB/Wells Fargo Housing Opportunity Index(HOI), released this week. Nationwide, 74.1% of all homes sold in this year?s third quarter were affordable to families earning the U.S. median income of $65,000. This was up slightly from the 73.8% of homes sold that were affordable to median-income earners in the second quarter. The median price of all new and existing homes sold in the third quarter was $189,000, up from $176,000 in last year?s third quarter and the strongest number since the final three months of 2008. Thankfully, at the same time, mortgage rates were at their lowest levels in decades. Observed NAHB Chief Economist David Crowe, ?For families who qualify for a mortgage at such favorable terms, the outlook is brightening ? but being able to afford a home and getting approved for a mortgage are still two different things in the current marketplace.?
Utah Market Tops Affordability List
Topping the affordability list for the first time in the HOI?s history, Ogden-Clearfield, Utah, was named the most affordable major housing market in the country in the third quarter. There, 93.2% of all new and existing homes sold between July and September of this year were affordable to families earning the area?s median household income of $71,500. Also ranking among the most affordable major housing markets in respective order were Youngstown-Warren-Boardman, Ohio-Pa; Indianapolis-Carmel, Ind.; Lakeland-Winter Haven, Fla.; and Toledo, Ohio. Retaining the title of?least affordable major housing market in the country?for an 18th consecutive quarter was?New York-White Plains-Wayne, N.Y.-N.J.,?where just 28.5% of homes sold?were affordable to families earning the area?s median income of $68,300. Other major metros at the bottom of the affordability chart included perennial entrants San Francisco-San Mateo-Redwood City, Santa Ana-Anaheim-Irvine and Los Angeles-Long Beach-Glendale, Calif., as well as Bridgeport-Stamford-Norwalk, Conn., in that order.?
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