If you’re considering buying a home, you’ve likely already thought about whether or not you can afford it. After all, buying a home is a major financial transaction, so there are few considerations more important than how affordable homes are.
Affordable Homes In The Market
A new report has emerged, measuring the affordability of homes for families earning the national median income. It discovered that 59.6% of new and existing homes sold between April and June were affordable. But while that’s positive news, affordability did fall from the first quarter, with the number of affordable homes down due to rising home prices. “Home prices appreciated robustly during the second quarter due to better-than-expected housing demand in the wake of the pandemic and because the coronavirus hindered the ability of builders to ramp up production,” Robert Dietz, NAHB’s chief economist, said. In fact, increasing prices let to a 1.7 percent drop in the number of affordable homes. During the first quarter, 61.3% of homes that were sold were considered affordable. Follow the link for more information (source).
Here at A1 Mortgage, we know how important it is to choose the right house for you and your companion. We have the responsibility to provide you with the best products and the highest level of customer service possible. With hundreds of loan programs available, we tailor a loan specific to your mortgage needs. Get pre-approved and start shopping for your dream home by clicking here!