Of the new and existing homes sold between April and June, 63.2 percent were affordable to families earning the U.S. median income of $65,800, down from 66.5 percent of homes sold that were affordable to median-income owners in the first quarter of 2015, according to the National Association of Home Builders Housing Opportunity Index.
The national median income home price rose from $210,000 in the first quarter to $230,000 in the second quarter of 2015. Mortgage rates during the second quarter decreased from 4.03 percent to 3.99 percent.
"Though affordability edged slightly lower in the second quarter, the HOI remains well above 50, where half the households can afford half the homes sold," said NAHB Chief Economist David Crowe in a statement. "Low mortgage rates, pent-up demand and continued job growth should contribute to a gradual, steady rise in housing throughout the year."
The most affordable major housing market in the second quarter was Youngstown-Warren-Boardman, Ohio-Pa., where 90.6 percent of all new and existing homes sold were affordable.
The most affordable small housing market was Kokomo, Ind., where 95.5 percent of homes sold were affordable.
The least affordable large and small housing markets were San Francisco-San Mateo-Redwood City, Calif., and Santa Cruz-Watsonville, Calif., respectively.
Only 11 percent of homes sold in the second quarter were affordable in the former, and just 18.2 percent in the latter.
