A new report from the National
Association of Realtors (NAR) says housing affordability in the U.S. improved
in August for the second straight month. NAR’s Housing Affordability Index rose
from 150.6 in July to 151.3 but was down from 165.8 the prior August.

The month-over-month increase was
the result of a 1.1 percent dip in the monthly mortgage payment and a more
modest decline of 0.7 percent in the median income. However, on an annual basis
the monthly mortgage payment was up 13.9 percent while family income increased
by 3.9 percent. The effective 30-year fixed mortgage rate was down
11 basis points from August 2020 to 2.89% and the median existing-home sales
price rose 15.6 percent from one year ago.


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