Housing Affordability in 2012 Likely Hit Record
Washington, DC, Jan. 10, 2013 -- Housing affordability was probably the highest ever last year due to low prices and interest rates, according to the National Association of Realtors.
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NAR is forecasting that its index of housing affordability hit a record level of 194 in 2012, up from 186 in 2011.
A reading of 100 means that a household with median income would have exactly enough income to qualify for buying a median-priced existing single-family home.
A level of 194 for last year means that families had almost double the income needed for buying a median-priced existing single-family home.
For 2013, NAR projects its affordability will decline to 160, which would be the third highest annual level on record.