Housing Affordability Falls For Second Straight Month Due to Rising Home Prices in Feb. and Mar.
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Housing affordability is determined by three variables: mortgage rates, median family income and median home prices. For the first three months of 2009, both mortgage rates (5.16% average) and median family income ($61,185 average) have held fairly steady, but the median home price has increased in each of the last two months from $164,200 in January to $167,900 in February (2.25% increase) and $174,900 in March (4.2% increase).
This two consecutive month increase in median home prices follows seven straight months of price declines (July 2008 through January 2009), suggesting that the national housing market may have reached a bottom in early 2009?
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