Housing Affordability is Tanking – What That Means For Sales
AuthorReal Estate Experts. Date:
For the first time in more than 13 months, the Housing Affordability Index (HAI) has dropped below 100. As recently as September 2021, the index was soaring at 149. For reference, the number 100 is the benchmark used to determine whether homeownership is affordable. Anything above 100 means the average American household has just enough money to afford a median-priced home. The higher it goes, the ampler the funds. But, while the real estate market has been riding high throughout the pandemic, it has become clear that home sellers are in for a rude awakening. That’s because, since its 13-month peak in September, the index has been in a steep decline, dropping down below 100 back in June. Understanding the Housing Affordability Index The National Association of Realtors collects housing market data and supplies it to the Federal Reserve to help keep a finger on the pulse of the housing … Continued
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