NAR: 1Q Housing Affordability Index hits record high … which means … prices are lo — wait, no, unaffordability is … high! Which means … oh, heck it’s good news, basically, for buyers
WASHINGTON (May 15, 2012) – Housing affordability conditions for all buyers reached a milestone in the first quarter, according to the National Association of Realtors(r).
NAR’s composite quarterly Housing Affordability Index* rose to a record high of 205.9 in first quarter, based on the relationship between median home price, median family income and average mortgage interest rate.
The higher the index, the greater the household purchasing power. This is the first time the quarterly index broke the 200 mark; recordkeeping began in 1970.
Real all about it, from the National Association of Realtors