U.S. real estate affordability improves

Inman Real Estate News – U.S. real estate affordability improves (link requires paid subscription)
Housing affordability conditions have improved for two consecutive quarters, keeping housing within reach for people in most of the country, the National Association of Realtors reported today.

The index shows the nation’s typical household had 132.9 percent of the income needed to purchase a home at the first-quarter median existing-home price, which was $188,800. This means a median-income family, earning $56,323, could afford a home costing $250,900 in the first quarter.

Index is here (PDF).

First time home buyer index
That said, the median price for a home in the Central VA region is $225k and Albemarle is $239k; but – “The surprising drop in the median price in Albemarle was caused by approximately 80 sales that took place in the new affordable condominiums at Hessian Hills and Barrack’s Place. This additional low price stock is new to the market and will effect Albemarle’s median price this year. Without these two projects, Albemarle’s median price would be $274,000.” link

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