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Majority Of Recently Sold Homes Were Affordable

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Nearly two thirds of new and previously owned homes sold between January and the end of March were affordable to a family earning the median U.S. income of $65,800, according to new data from the National Association of Home Builders. The NAHB’s Housing Opportunity Index found that housing affordability continues to improve due to favorable market conditions, including historically low mortgage rates and new low down-payment programs that allow creditworthy borrowers the opportunity to buy a home with as little as 3 percent down. “Now is a great time for consumers to buy homes,” NAHB’s chairman Tom Woods said. “Both first-time and move-up buyers can take advantage of these favorable market conditions and start building their American dream.” In fact, recent improvement in the job market has boosted consumer confidence and already helped release some of the pent-up demand in the housing market, leading to a strong start to the spring sales season. Also in the report, the national median home price fell during the first quarter of this year, dropping from $215,000 to $210,000. More here.

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