IE Business Daily Business news for the Inland Empire.
The U.S. housing market is a lot like California’s housing market.
One day after the California Association of Realtors announced that single-family homes statewide were a little more affordable during the first
quarter, the National Association of Home Builders released data saying the same thing about the country as a whole.
Sixty six and one half percent of all new and existing homes that were sold during the first three months of 2015 were affordable to families earning the U.S. median income of $65,800, according to the association.
That was up from 62.8 percent of affordable homes sold during the fourth quarter of 2014, the association stated.
The national median home price fell from $215,000 in the fourth quarter to $210,000 during the first quarter. During the same period, the average interest rate charged on a mortgage fell from 4.29 percent to 4.03 percent, according to the association.
“Consumers benefitted from continued low mortgage rates and some fall in the price of homes sold in the first quarter, as these conditions offer a great time to buy,” said Tom Woods, association chairman, in a statement.
