If you have been thinking about making the big decision to purchase a home, now is an amazing time. Recent housing reports indicate that housing affordability is at the most attractive levels since the National Association of Realtors began tracking this in 1970.
How does this index work? The housing affordability index tracks median home prices, median family income, and the average mortgage rate. These are factored together to produce the affordability index. An index of 100 means that the median income household has just enough income to qualify to purchase a median priced existing single family home. The index recently reached 206.1, the highest point ever. This is the first time the index has broken the 200 mark, which indicates that the average family has roughly twice the income needed to purchase a median-priced home. For those buyers out there who can qualify for a mortgage, now is a great time to become a homeowner.
Inventory levels have declined to a place where conditions are becoming more balanced. NAR is projecting affordability to remain high for the rest of 2012. So if you are thinking about buying, now may be the perfect time for you!
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