Housing affordability dropping across the US
Fed’s large rate hikes and constrained housing supply create tough market for buyers
The median home price in the US reached a new record high of $440,300 in the second quarter of 2022, according to figures published by the Federal Reserve Bank of St Louis. The median price is up more than $100,000 dollars from two years ago.
Meanwhile, the housing affordability index published by the National Association of Realtors (NAR) fell to 98.5 in June 2022, its lowest level since 1989. The further it falls, the less affordable homes are generally in the US, impacting first-time buyers
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