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- At the national level, housing affordability is down for the month of March, as the median price for a single family home in the U.S. increased due to a continued lack of housing inventory. The median single-family home price is $198,200, up 7.4 % from a year ago.
- Mortgage rates are up 72 basis points (one percentage point equals 100 basis points) from last year; nationally, affordability is down from 195.3 in March 2013 to 170.3 in March 2014.
- Income levels are up 2.1% from last year. An increase in inventory along with price stabilization will improve affordability.
- From one year ago, affordability is down in all regions. The West saw the biggest decline in affordability as a result of having the largest price gain at 12.5%.
- Interest rates are the lowest they have been since November of 2013. This break in increases should help potential homebuyers.
- What does housing affordability look like in your market? View the full data release here.
- The Housing Affordability Index calculation assumes a 20 percent down payment and a 25 percent qualifying ratio (principle and interest payment to income). See further details on the methodology and assumptions behind the calculation here.
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