Increasing Home Values Affect Housing Affordability in Second Quarter
Nationwide housing affordability dipped in the second quarter of 2014 as several markets saw a firming of home prices, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI).
In all, 62.6% of new and existing homes sold between the beginning of April and the end of June were affordable to families earning the U.S. median income of $63,900. This is down from the 65.5% of homes sold that were affordable to median-income earners in the first quarter.