In 154 of 178 areas measured, the median price of an existing home rose from the prior 12 months, spurred on by rising employment, continuing low interest rates and low inventory. However, from Q2 to Q3 2015 the national median home price only increased $1,000, from $230,000 to $231,000, while interest rates rose from 3.99 percent to 4.18 percent.
Meanwhile, as businessrecord informs MHProNews, affordability of houses declined slightly in the third quarter, according to the National Association of Home Builders (NAHB). During the third quarter 62.2 percent of new and existing homes sold were affordable to families earning the national median income of $65,800. In Q2 2015, 63.2 percent of homes were sold that were thusly affordable. ##
(Image credit: etftrends)
