Homes Less Affordable in Second Quarter
U.S. housing became less affordable in the second quarter as higher home prices offset low mortgage rates, a real estate industry group said.
The National Assn. of Realtors said its housing affordability index fell to 132.6 in the second quarter from 137.2 in the first quarter. This means that a typical household in the second quarter had 132.6% of the income needed to buy a home for the median price in the quarter, which stood at $157,700.
A family earning the median income of $52,429 could afford a home costing $209,100, well above the median price, the NAR said.
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