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Two New York regions top affordability chart while nationwide affordability slips

Aug 13, 2013
Nationwide housing affordability slipped several notches as recovering markets witnessed significant firming of home prices in the second quarter, according to the National Association of Home Builders (NAHB)/Wells Fargo Housing Opportunity Index (HOI).

In all, 69.3 percent of new and existing homes sold between the beginning of April and the end of June were affordable to families earning the U.S. median income of $64,000. This is down from the 73.7 percent of homes sold that were affordable to median-income earners in the first quarter, and the first time that the measure has fallen below 70 percent since late 2008.

Utica-Rome, NY claimed the title of the most affordable smaller market on the HOI for the first time, while Buffalo-Niagara Falls, NY was also at the top of the affordability chart for the second quarter. New York-White Plains-Wayne, NY-NJ was included in the list of major metros at the bottom of the affordability chart. 

To read the entire NAHB press release, click here.
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