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EHS 2011Q4 Release: February 9, 2012
Housing affordability conditions improved in most metropolitan areas from softer existing-home prices and record-low mortgage interest rates in the fourth quarter, with rising sales and lower inventory creating more balanced conditions. Here is a closer look at some highlights from the quarterly release:
- The median existing single-family home price rose in 29 out of 149 metropolitan statistical areas.
- All but 2 out of 148 areas showed improvement in housing affordability.
- The national median price in the 4th quarter of 2011 was $163,500 and varied from under $100,000 to more than $500,000 by metro area.
- Affordability also varies substantially. An index of 100 indicates that the median income household has exactly the income needed to qualify to purchase the median priced home. Indexes greater than 100 indicate more affordability; indexes under 100 indicate tighter affordability conditions.
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