Housing Affordability Down From a Year Ago

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July 13, 2015

Home prices increased in the West by 10.3 percent and in the Northeast by 6.3 percent, pushing down housing affordability from last year and from May 2015, the NAR reports.

The current trend of price growth is encouraging more new home construction, which the NAR says will relieve some of the inventory pressure. First-time buyers may want to secure a lower mortgage rate before monthly payments rise with rate increases.

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