IE Business Daily Business news for the Inland Empire.
Housing affordability improved nationwide during the first quarter of this year.
More than 60 percent of the homes sold during the first three months of 2015 were affordable to families earning the median income of $65,800, according to the National Home Builders Association/Wells Fargo Housing Opportunity Index.
Lower prices and interest rates were the primary reason for the increase in affordability, the index stated.
The national median dropped from $215,000 during the fourth quarter of 2014 to $210,000 last quarter, while the average mortgage interest went from 4.29 percent to 4.03 percent during that time.
“Now is a great time for consumers to buy homes,” said Tom Woods, chairman of the association, in a statement. “Both first-time and move-up buyers can take advantage of these favorable market conditions and start building their American Dream.”
The index, which was released Tuesday, includes new and existing houses.
