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Affordability at 10-Year Low; Easing Standards on Income, Loan Amounts

Affordability at 10-Year Low; Easing Standards on Income, Loan Amounts

Housing affordability crept down again in the third quarter of 2018 reaching, according to the National Association of Home Builders (NAHB), a ten-year low. The NAHB/Wells Fargo Housing Opportunity Index (HOI) indicates that 56.4 percent of new and existing homes that were sold nationwide during the quarter were affordable to families earning the U.S. median income of $71,000 . In the second quarter 57.1 percent of homes were affordable by this measure. Affordability, according to the 2 nd quarter reading, is the lowest since mid-2008. The HOI reacted to the combination of a 5 basis point increase in the mortgage interest rate to 4.72 percent over the course of the reporting period, coupled ongoing appreciation in home values. The median price of a home sold during the quarter was $268,000
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