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National Association Of Realtors report

Wednesday, January 16, 2013 - Article by: MICHELLE DEMA - Embassy Funding LLC NMLS FL 1449883 & NY 854225 - Message

NAR: Housing Affordability Index to set annual record for 2012

Jan 10, 2013

With 11 months of data reported, 2012 will be counted as a record year for favorable housing affordability conditions, according to the National Association of REALTORS (NAR).

NAR's national Housing Affordability Index stood at 198.2 in November, based on the relationship between median home price, median family income and average mortgage interest rate. For all of 2012, NAR projects the index to be a record high 194, up from 186 in 2011, which was the previous record. November's reading was 2.5 index points below October, but up 1.5 points from one year earlier.

NAR projects the index to average 160 during 2013.

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