Housing affordability fell to its lowest level since 2012, the National Association of Home Builders announced.
Only 42.2% of new and existing homes sold between July and September 2022 were affordable to families earning the U.S. median income of $90,000.
“This marks the second consecutive quarterly record low for housing affordability since the Great Recession, trailing the previous mark of 42.8% set in the second quarter,” NAHB stated.
The least affordable major housing markets included Los Angeles, Anaheim, San Diego, Oxnard and San Francisco.
The National Association of Realtors reported that home prices increased in 98% of metros—181 out of 185—in the third quarter of 2022. Compared with one year ago, the single family existing home price surged 8.6% to a national median of $398,500.
