Houses were less affordable in March than a year ago, as home prices climbed faster than household income and mitigated the benefit of low interest rates, according to an index that measures housing affordability. It’s the first decline in the First American Real House Price Index — which adjusts for the impact of income and interest rate changes on consumer’s homebuying power — since January, 2019.
With average household income rising 5.9 percent to $73,892 in March, and rates on 30-year fixed-rate mortgages hovering at 3.
1 percent, the average American’s “house-buying power” was $502,031. That’s an increase of 10.
9 percent from a year ago. Source: First American Real House Price Index.
Mark Fleming | Photo credit: First American But the […].
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