{"id":9213,"date":"2016-10-26T08:29:09","date_gmt":"2016-10-26T15:29:09","guid":{"rendered":"https:\/\/therealdaily.com\/?p=9213"},"modified":"2016-10-26T08:30:44","modified_gmt":"2016-10-26T15:30:44","slug":"housing-affordability","status":"publish","type":"post","link":"https:\/\/theamericangenius.com\/housing\/big-data\/housing-affordability\/","title":{"rendered":"Housing affordability conditions improve marginally"},"content":{"rendered":"<h2>Housing affordability up for second consecutive month<\/h2>\n<p>NAR has released an encouraging index of facts and figures regarding housing affordability. In the August Housing Affordability Index they state that at the national level, housing affordability is up from a year ago for the second consecutive month.<\/p>\n<div align=\"center\"><strong>Read also: <a href=\"https:\/\/therealdaily.com\/big-data\/home-sales-september\/\">Home sales rise 3.2%, new home construction lags<\/a><\/strong><\/div>\n<p><img decoding=\"async\" class=\"alignnone size-full wp-image-91813\" src=\"https:\/\/theamericangenius.com\/wp-content\/uploads\/2013\/12\/bar.jpg\" alt=\"bar\" width=\"100\" height=\"19\" \/><br \/>\nThe median sales price for a single family home was $242,200, up approximately 5.3 percent from a year ago. The NAR does qualify that their Housing Affordability Index calculations assumes a 20 percent down payment and a 25 percent qualifying ration (principal and interest payment to income).<\/p>\n<h2>Regional performance varied<\/h2>\n<p>According to the August Index, despite the month-to-month changes, the most affordable region in which to live remains the Midwest, where the affordability index is 204. All regions improved in August.<\/p>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"aligncenter size-full wp-image-9224\" src=\"https:\/\/theamericangenius.com\/wp-content\/uploads\/2016\/10\/regional-affordability.png\" alt=\"regional-affordability\" width=\"995\" height=\"446\" srcset=\"https:\/\/theamericangenius.com\/housing\/wp-content\/uploads\/sites\/2\/2016\/10\/regional-affordability.png 995w, https:\/\/theamericangenius.com\/housing\/wp-content\/uploads\/sites\/2\/2016\/10\/regional-affordability-300x134.png 300w, https:\/\/theamericangenius.com\/housing\/wp-content\/uploads\/sites\/2\/2016\/10\/regional-affordability-768x344.png 768w\" sizes=\"(max-width: 995px) 100vw, 995px\" \/><br \/>\nThe least affordable region, unfortunately, is the West where the index is currently 119.2. Hanging in the middle is the South at 166 and the Northeast at 165.1.<\/p>\n<h2>Mortgage applications are up, rates remain down<\/h2>\n<p>Nationally, mortgage rates are also down by approximately 41 basis points from one year ago. Mortgage applications are currently up and rates remain historically low according to the NAR, despite income levels rising a modest 2.4. percent.<\/p>\n<p>Additionally, purchase mortgage applications are also up and rates are remaining historically low. The NAR is cautious to state however, that they expect these rates to begin to increase at any time.<\/p>\n<p>To see what housing affordability looks like in your market and learn more about the methodology and assumptions behind the facts and figures, you can view the NAR\u2019s full data release <a href=\"https:\/\/www.realtor.org\/topics\/housing-affordability-index\/methodology\" target=\"_blank\" rel=\"nofollow\">here<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>(REAL ESTATE NEWS) In the August edition of the Affordability Index, NAR has some welcome and promising news regarding affordability in America.<\/p>\n","protected":false},"author":335817,"featured_media":9220,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"wds_primary_category":0,"footnotes":"","jetpack_post_was_ever_published":false,"_links_to":"","_links_to_target":""},"categories":[300,91],"tags":[1245,429,263,1234,1158],"class_list":["post-9213","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-nar-reports","category-big-data","tag-affordability-index","tag-housing-affordability","tag-nar","tag-real-estate-news","tag-stats"],"jetpack_featured_media_url":"https:\/\/theamericangenius.com\/housing\/wp-content\/uploads\/sites\/2\/2016\/10\/child-sofa-home-house-e1643135768108.jpg","jetpack_sharing_enabled":true,"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/posts\/9213","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/users\/335817"}],"replies":[{"embeddable":true,"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/comments?post=9213"}],"version-history":[{"count":7,"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/posts\/9213\/revisions"}],"predecessor-version":[{"id":9227,"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/posts\/9213\/revisions\/9227"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/media\/9220"}],"wp:attachment":[{"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/media?parent=9213"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/categories?post=9213"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/tags?post=9213"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}