Sep 18

Housing Affordability Takes Another Dip

Housing Affordability Takes Another Dip

 

Housing Affordability Takes Another Dip. Image courtesy of hywards / FreeDigitalPhotos.net

Housing Affordability Takes Another Dip. Image courtesy of hywards / FreeDigitalPhotos.net

 

As rising home prices continue to outpace income gains, Americans across the nation are finding it harder to buy, according to the National Association of REALTORS®’ latest reading of its Housing Affordability Index.

The median price for a single-family home in the U.S. is up 5.8 percent from a year ago, at $235,500 as of July. The Western region of the country has seen the largest year-over-year increases in prices at 8.4 percent, followed by the South at 7.1 percent and Midwest at 6.5 percent. The Northeast saw the slowest price growth at 1.8 percent, according to NAR.

Affordability has fallen from one month ago in all regions of the United States, with the West posting the largest drop in the affordability index (2.1 percent). The South dropped the least in affordability month-over-month, falling only 0.4 percent. Compared to a year ago, affordability has fallen in all regions, except the Northeast which saw a 2 percent increase. The West again posted the largest decline in affordability year-over-year at 4.3 percent, and the Midwest had the smallest decline of 3 percent.

“Housing markets with low inventory levels may continue to experience rising home prices—however, improvement in job creation and steady income gains help offset major price growth,” writes NAR Research Data Specialist Michael Hyman on the Economists’ Outlook blog. “Mortgage applications are currently down for new and existing homes which could be seasonal or a sign that rising rates are having an impact on affordability.”

Source: “Housing Affordability Numbers for July,” National Association of REALTORS® Economists’ Outlook blog (Sept. 15, 2015)

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