Higher prices means less affordable housing


The slowly rising housing prices could make it a little harder for most Americans to buy a home, according to a industry survey.

The National Association of Home Builders (NAHB) and Wells Fargo has said just about 74% of the new and existing homes sold in the past three months ended on June 30 were  families who earn the national median income of $65,000. That came down from the 77.5% a quarter earlier. Historically speaking is still a very high level of affordability.

The decline of affordability could be traced back to the increase in home prices. Median home prices were up 92% of the market surveyed, while median income didn’t budge.

Barry Rutenberg, NAHB’s chairman and a home builder from Gainesville, Fla., said the decline in affordability was a positive sign for the market. “[It’s] another signal that the housing recovery is starting to take root, and it lends needed confidence to prospective buyers and sellers who have been reluctant to move forward in the current marketplace,”.

It's only fair to share...Share on FacebookShare on Google+Tweet about this on TwitterShare on LinkedInShare on RedditShare on TumblrEmail this to someone

Related Posts:

All content herein is owned by author exclusively. Expressed opinions are not necessarily the views of VT Money, VT Money, authors, affiliates, advertisers, sponsors, partners, technicians or Veterans Today Network and its assigns. In addition, all images within this post are the full responsibility of the author and NOT Veterans Today Network.
Legal Notice - Comment Policy

Posted by on 1:50 pm, With 0 Reads, Filed under Real Estate. You can follow any responses to this entry through the RSS 2.0. Both comments and pings are currently closed.

Comments Closed

You must be logged in to post a comment Login

From Veterans Today Network