Affordability Actually Improved in August Despite Surging Prices

Posted To: MND NewsWire

A new report from the National Association of Realtors (NAR) says housing affordability in the U.S. improved in August for the second straight month. NAR’s Housing Affordability Index rose from 150.6 in July to 151.3 but was down from 165.8 the prior August. The month-over-month increase was the result of a 1.1 percent dip in the monthly mortgage payment and a more modest decline of 0.7 percent in the median income. However, on an annual basis the monthly mortgage payment was up 13.9 percent while family income increased by 3.9 percent. The effective 30-year fixed mortgage rate was down 11 basis points from August 2020 to 2.89% and the median existing-home sales price rose 15.6 percent from one year ago. The HAI is constructed using median household income compared to the level of income needed…(read more)

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Affordability Actually Improved in August Despite Surging Prices
Affordability Actually Improved in August Despite Surging Prices

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