Are homes more or less affordable than they were a year ago?
According to the National Association of REALTORS homes are significantly more affordable today than they were a year ago on a national basis. Housing affordability increased from a year ago in May, moving the index up 5.6% from 142.4 to 150.4. This even while the median sales price for a single family home sold in May in the US was $280,200, up 4.6% from a year ago.
The reason homes are more affordable? Nationally, mortgage rates were down 60 basis points from one year ago (one percentage point equals 100 basis points). Another piece of good news payments as a percentage of income went down to 16.6% this May and 17.6% from a year ago.
Watch as Jim breaks down the numbers as well as projections on home price appreciation over the next two years, and provides scripts for talking to your clients!
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