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Slightly lower median home prices along with steady mortgage rates contributed to higher housing affordability in the first quarter, according to the recently released National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI).
In all, 65.5 percent of new and existing homes sold between the beginning of January and end of March were affordable to families earning the U.S. median income of $63,900. This is slightly higher from the 64.7 percent of homes sold that were affordable to median-income earners in the fourth quarter.
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,... If the email address was found in our system, your password has been sent. Please check your inbox.
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