Of the new and existing homes sold in the United States between January and March, 66.5 percent were affordable to families earning the U.S. median income of $65,800, according to the National Association of Home Builders Housing Opportunity Index.
The national median home price dropped from $215,000 in the fourth quarter of 2014 to $210,000 in the first quarter of 2015, while the average mortgage interest rate fell from 4.29 percent to 4.03 percent.
"Now is a great time for consumers to buy homes," said NAHB Chairman Tom Woods in a statement. "Both first-time and move-up buyers can take advantage of these favorable market conditions and start building their American Dream."
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