This article originally appeared on ProSales.

An uptick in interest rates and home prices helped housing affordability reach a 10-year low in the third quarter, according to the National Association of Home Builders/Wells Fargo Opportunity Index.

Only 56.4% of new and existing homes sold in the third quarter were affordable for families earning the U.S. median income of $71,900, the index found. This is down nearly a full percentage point from homes sold in the second quarter and is the lowest reading since mid-2008.

"Continuing home appreciation and rising interest rates coupled with persistent labor shortages are contributing to housing affordability concerns," said NAHB chairman Randy Noel.

Many smaller markets, including Kokomo, Ind., Elmira, N.Y., Fairbanks, Alaska, Cumberland, Md., and Springfield, Ohio, ranked towards the top of the list for affordable markets. Major metro areas in California such as San Francisco, Anaheim, San Diego, San Jose, and Los Angeles ranked towards the bottom in terms of affordability.

The NAHB/Wells Fargo Housing Opportunity Index is a measure of the percentage of homes sold in a given area that are affordable for families earning the area's median income during the quarter of interest.