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Rates, Declining Home Prices Improved Affordability in Q4

Thursday, February 19, 2015

Housing affordability grew slightly in the fourth quarter of 2014 according to the National Association of Home Builders (NAHB)/Wells Fargo Housing Opportunity Index (HOI) released today.  NAHB said that the increase was due to interest rates which declined from 4.35 percent to 4.29 percent during the quarter and home prices which decreased in some markets and brought the national median down to $215,000 from the third quarter median of $220,800.

Nationwide the HOI shows that 62.8 percent of new and existing homes sold during the fourth quarter were affordable to families earning the U.S. median income of $63,900.  In the third quarter 61.8 percent of homes sold met that affordability criteria.

 

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