According to the NAHB/Wells Fargo Housing Opportunity Index (HOI) released this week, just 54.2% of new and existing homes sold between the beginning of October and end of December were affordable to families earning the US median income of $79,900.
This is down from the 56.6% of homes sold in Q3 2021 and is the lowest affordability level recorded since the beginning of the revised series in the first quarter of 2012.
Supply-chain bottlenecks that put upward pressure on home prices along with rising interest rates contributed to housing affordability falling to a 10-year low.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
