- Housing affordability is up for the month of February as the median price for a single family home in the US increased slightly by 0.7% from January. The median single-family home price is $189,200, up 9.0 % from a year ago. Affordability is down from 209.8 in February 2013 to 175.7 in February 2014.
- Mortgage rates are up 91 basis points (one percentage point equals 100 basis points) from last year, nationally. Income levels are up 1.9% from last year. A balance of income and job growth will improve affordability options.
- By region, affordability is up slightly from one month ago in the Northeast and the Midwest, but the West and the South had a minor drop in affordability. The Northeast was the only region to have declines in home prices but a slight increase in mortgage rates. From one year ago, affordability is down in all regions. The West saw the biggest decline in affordability as a result of having the largest price gain at 17.0%.
- Improvements in underwriting will increase consumer confidence and bring more first-time home buyers into the market. The spring months have a tendency to see increased foot traffic, helping sales trend up and minimizing delays in transactions.
- What does housing affordability look like in your market? View the full data releasehere.
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