Nationwide housing, bolstered by favorable interest rates and low house prices, hovered for the fifth consecutive quarter near its highest level of affordability since the series was first compiled 19 years ago, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI).
The HOI showed that 72.2 percent of all new and existing homes sold in the first quarter of 2010 were affordable to families earning the national median income of $63,800, slightly higher than the previous quarter and near the record-high 72.5 percent set during the first quarter a year ago.
In terms of affordability, Las Vegas ranks 86th nationwide and 4th regionally. For the first quarter of 2010 the share of homes affordable for the median income was 83.6%. This is good news considering a few years back when it was difficult for locals to find affordable home prices.
Have a fantastic weekend,
Cindy
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