Reflecting both new and existing homes sold during the quarter, 63.3 percent of them were considered affordable to families making the median income in the U. S. This represents an increase from 62.2 percent posted in Q3 and up from 62.8 percent a year ago.
Home affordability rises in the winter as prices fall due to a more subdued real estate market, as bilderonline tells MHProNews..
While median home prices fell to $226,000 in Q4 from Q3’s $231,000, but are down 5.1 percent from $215,000 in the fourth quarter of 2014.
Despite the Federal Reserve having raised interest rates for the first time in nearly a decade, average mortgage intereset rates fell to 4.09 percent from 4.18 percent in the third quarter. Falling oil prices and an uncertain global economy have pushed the rates down.
Two hundred twenty-five metropolitan areas were surveyed in the research. ##
(Image credit:viewpoint.ca)
