While rising home prices across the nation may be good news as they imply recovering markets, the trend may dampen housing affordability.
Having been historically high for the past few years, affordability dipped somewhat in the second quarter of this year, according to the National Association of Home Builders (NAHB)/Wells Fargo Housing Opportunity index.
At the same time, affordability fell from 73.7 percent in this year’s first quarter to 69.3 percent—meaning 69.3 percent of Americans earning the national median income could afford a home sold during the quarter.
Nationally, the median home price rose from $185,000 in Q2 2012
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