A report released last week by ATTOM Data Solutions only confirmed what homebuyers have been feeling for quite some time – affordable homes are increasingly difficult to come by. The Q4 2018 U.S. Home Affordability Report showed that the U.S. median home price during the fourth quarter was at the least affordable level since Q3 2008 – more than a 10-year low.
The index posted a reading of 91, down from 94 in Q3. Readings below 100 suggest that the current median home price is less affordable than the historic average. 357 out of the 469 U.S. counties analyzed in the report had readings below 100.
The silver lining according to a statement made by Darin Blomquist, senior vice president at ATTOM, is that annual wage growth outpaced annual home price appreciation. This includes in high-prices areas such as San Diego.
Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 4.625 percent, 15-year rates near 4.0 percent and the 5-year ARM averaging 4.375 percent.
Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.Biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.