Slightly lower median home prices along with steady mortgage rates contributed to higher housing affordability in the first quarter of 2014, according to the recently released National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI).
In all, 65.5% of new and existing homes sold in the first quarter of 2014 were affordable to families earning the U.S. median income of $63,900. This is slightly higher from the 64.7% of homes sold that were affordable to median-income earners in the fourth quarter of 2013.
Meanwhile, the national median home price dipped from $205,000 in the fourth quarter to $195,000 in the first quarter, while average mortgage interest rates were virtually unchanged, moving from 4.54% to 4.57% in the same period.
Where does Buffalo measure up? Behind only Syracuse, which is the nation's most affordable major housing market, where 93.7% of all new and existing homes sold in this year's first quarter were affordable to families earning the area's median income of $67,700.
Want to know more about the nuances of our market and how to best compete whether buying or selling your home? Contact me here.