Despite rising housing prices, homes across the nation are becoming more affordable to median-income families, thanks to lower interest rates, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index, released today. Greater New York, however, continues to be the least affordable major housing market in the country.
Nationwide, the median price of new and existing homes sold in the third quarter was $189,000, $13,000 higher than the previous year, the report stated. But the reduced mortgage rates — they’re at the lowest they’ve been in more than a decade – meant that 74.1 percent of these homes were affordable to median-income families, up from 73.8 percent in the previous quarter. [more]