NAR’s housing affordability numbers for July:
- The median single-family home price is $235,500, up 5.8 percent from July 2014.
- The West had the biggest increase in price at 8.4 percent; the Northeast saw price increases of 1.8 percent, making this region the slowest-growing in the U.S.
- Nationally, affordability indices are down from 155.4 in July 2014 to 151.2 in July 2015.
Weekly mortgage rates:
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We’ll add more market news briefs throughout the day. Check back to read the latest.
Yesterday’s market news:
CoreLogic’s second-quarter Market Condition Indicators report:
- With home prices rising steadily since 2013, homes have become less affordable for some buyers — and, therefore, less sustainable, says CoreLogic in its Market Condition Indicators report for the second quarter.
- As home prices have continued to rise, the gap between home prices and sustainable values has narrowed to 3.6 percent below the long-run sustainable level — and could shrink even further to 1.5 percent by 2017, according to CoreLogic’s forecast.
- The trend is especially prevalent in Texas, where home prices in five local markets are well above their historical peak levels.
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