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Housing Affordability Hits Record Low but Nears Turning Point

Housing Affordability Hits Record Low but Nears Turning Point

Washington, DC, February 9, 2023—Mirroring a steep rise in mortgage rates that began in the early part of 2022 and coupled with ongoing building material supply chain bottlenecks that increased construction costs, housing affordability posted three consecutive quarterly declines in 2022 and now stands at its lowest level since the National Association of Home Builders (NAHB) began tracking it on a consistent basis in 2012.