Buoyed by stabilizing home prices and sustained low interest rates, nationwide housing affordability during the third quarter of 2011 hovered near its highest level in at least two decades, according to the NAHB/Wells Fargo Housing Opportunity Index (HOI), released this week.
The HOI indicated that a near-record 72.9% of all new and existing homes sold in the third quarter of this year were affordable to families earning the national median income of $64,200.
This was up slightly from the 72.6% of homes sold that were affordable to median-income earners in the second quarter and marked the 11th consecutive quarter in which the HOI has held above the 70% threshold.
See this press release for more details, or visit www.nahb.org/hoi for additional information. Contact: Ashok Chaluvadi (800-368-5242, x8482).