Nationwide housing affordability slipped in the second quarter as home prices continue to rise, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI).
Nationally, 69.3 percent of new and existing homes sold between the beginning of April and the end of June were affordable to families earning the U.S. median income of $64,400. This is a drop from the first quarter's 73.7 percent of homes and is the first time the index has fallen below 70 since late 2008.
Ogden-Clearfield, Utah, was the most affordable housing market for the fourth consecutive quarter, and San Francisco-San Mateo-Redwood City, Calif., was least affordable for the third consecutive quarter.
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