Rising home prices and interest rates conspired to ding home affordability in the third quarter.
The NAHB/Wells Fargo Housing Opportunity Index shows homes sold between July and September were affordable to median income families but declined by 1% since the second quarter. Although affordable housing went down slightly, there is still affordable housing markets in cities, such as Syracuse,N.Y., and Indianapolis. Some of the least affordable markets are in San Francisco and Los Angeles.Here's more from Consumer Affairs reporter James Limbach:
"The decline in the index was slight and affordability remains good," said NAHB Chief Economist David Crowe. "With mortgage rates near historic lows and home prices advancing at a modest pace, this is an excellent time to buy."Attractive home prices and interest rates, along with firming job growth, are helping housing markets across the country to gradually improve," said NAHB Chairman Tom Woods, a home builder from Blue Springs, Mo.
To find out more information on the affordable housing market, visit Consumer Affairs: