IS AFFORDABILITY STARTING TO IMPROVE?

Over the past couple of years, a lot of people have had a hard time buying a home. And while affordability is still tight, there are signs it's getting a little better and might keep improving throughout the rest of the year. Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), says:
“Housing affordability is improving ever so modestly, but it is moving in the right direction.”

Here’s a look at the latest data on the three biggest factors affecting home affordability:
1. Mortgage rates have been volatile this year, bouncing around from the mid-6% to low 7% range.
2. Home prices. Nationally, they’re still going up this year, but not as fast as they did a couple of years ago.
3. Wages are rising even faster than normal right now

When you put all these factors together, you see mortgage rates are trending down, home prices are rising more slowly, and wages are going up faster than usual. Though affordability is still a challenge, these trends are early signs things might be starting to improve. Let’s connect so I can help you in your homeownership journey.

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