Slightly lower interest rates and home prices in markets across the country contributed to a slight increase in nationwide housing affordability in 4Q 2014, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index Thursday. In all, 62.8 per cent of new and existing homes sold between the beginning of October and end of December were affordable to families earning the US median income of US$63,900. The Index in 3Q was 61.8 per cent.
The national median home price declined from US$220,800 in 3Q to US$215,000 in 4Q. Meanwhile, average mortgage interest rates decreased from 4.35 per cent to 4.29 per cent in the same period.
