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Real Estate Housing Affordability
Housing affordability is the ratio of median family income to the income needed to purchase the median priced home based on current interest rates and underwriting standards, expressed as an index. The NATIONAL ASSOCIATION OF REALTORS® composite index of housing affordability for the first quarter of 2010 shows that families earning the median income have 174.9 percent of the income needed to purchase the median priced existing single family home. This figure is 3 percent higher than the fourth quarter of 2009 but 3 percent lower than the first quarter of 2009.
The increase in the housing affordability index in the first quarter of 2010 reflects changes in the market place. Median family income rose 0.4 percent from the previous quarter to $60,498. The median sales price of existing singlefamily homes in the first quarter of 2010 declined to $166,133 which was 2 percent lower than the previous quarter. The national average home mortgage interest rate of 5.09 in the first quarter of 2010 is 3 basis points higher than the previous quarter. The decline in the median sales price of existing singlefamily homes and the rise in median family income caused housing affordability to increase and more than offset the negative impact of a rise in home mortgage interest rates.
Read below more on 1st Quarter Home Sales and Home Prices
2010 1st Quarter Real Estate Market Data – The State of US Home Sales
2010 1st Quarter Real Estate Market Data – The State of US Home Prices
This is a blog post for Real Estate Professionals, Investors, Landlord, Property Manager, and Property Management Companies. 2010 1st Quarter Real Estate Market Data – The State of US Housing Affordability is brought to you by SimplifyEm Pay Rent Online and Property Management SoftwareYou might also want to read:
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