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US Housing Affordability is Decent, Just Not in California

Friday, August 14, 2015

The affordability of homeownership dipped modestly in the second quarter according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI).  The index edged down by 3.3 percentage points from the first quarter to 63.2.

The HOI is based on the percentage of homes sold during the relevant period that are affordable to median-income earners.  The current reading indicates that between the beginning of April and the end of June 63.2 percent of new and existing homes that sold could be considered affordable.

 

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