Home Affordability Falls in First Quarter
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Reuters
U.S. housing affordability fell in the first quarter, a slippage attributed to rising home prices and higher interest rates.
The National Assn. of Realtors’ housing affordability index fell to 137.2 in the quarter from 141.0 in the fourth quarter.
When the index measures 100, a family earning the median income has exactly the amount needed to buy a single-family home at the median price, using conventional financing and a 20% down payment.
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