Housing Affordability Drops In Second Quarter

August 12, 2016

Home price appreciation and a reduction in mortgage interest rates caused housing to become slightly less affordable in April, May, and June.

According to NAHB, 62 percent of new and existing homes sold in the second quarter were considered affordable for families earning the U.S. median income of $65,700, down from 65 percent in the first three months of the year.

Also, the national median home price rose to $240,000 from $223,000 in the same time frame.

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