Home affordability moved higher last quarter, boosted by the lowest mortgage rates in history, a rise in median income, and slow-to-recover home prices.
The National Association of Home Builders reports a Q2 2011 Home Opportunity Index reading of 72.6. Nearly 3 of 4 homes sold last quarter were affordable to households earning the national median income of $64,200.
The National Association of Home Builders reports that Q1 2011 Home Opportunity Index reached an all-time high for the second straight quarter last quarter.
Home affordability reached an all-time high in 2010’s last quarter. Unfortunately for home buyers, it’s been a different story since, however.