Low mortgage rates and rising incomes are increasing housing affordability across the country
, housing affordability is actually at its highest point in 18 months—despite a steady uptick in home prices. In fact, the average home price has jumped $12,000 since last November.
As Ben Graboske, president of data and analytics at Black Knight, explains, “The rate of annual home price growth has declined for 15 consecutive months. More recently, declining 30-year fixed interest rates have helped to ease some of those pressures, improving the affordability outlook considerably.”
They’ve seen the steepest drop along the high-cost West Coast. “Real” prices in San Jose, California, have dipped 13.9% in the last year, while those in Seattle decreased 9.4%. At the state level, prices decreased the most in North Dakota, Wyoming and California.
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