By Jann Swanson | Mortgage News Daily
Even through housing prices gained ground in the third quarter of 2014 the National Association of Home Builders (NAHB) said today that affordability remained high. An estimated 61.8 percent of the homes that sold during the quarter were deemed “affordable” by families earning the median income. In the third quarter that income on a national level was $63,900.
The affordability measure was only a slight dip from the second quarter when the NAHB/Wells Fargo Housing Opportunity Index (HOE) was at 62.6 percent. Median home prices increased from $214,000 in the second quarter to $221,000 in the third but mortgage interest rates eased from 4.44 percent to 4.35 percent over the same time frame.
