Home Affordability Grows in Q3

The recently released NAHB Housing Trend Report noted that home affordability in the third quarter was higher as prospective home buyers had greater incomes and education compared to earlier in the year.  The percentage of buyers able to afford at least half of homes available in the U.S. market increased to 31% from 19% in Q1 and 23% in Q2.

Providing some insight into affordability, the U.S. Bureau of Economic Analysis estimated that in September personal income improved by $78.9 billion or 0.4%, disposable personal income  grew $71.3 billion or 0.4% and personal consumption expenditures rose $113.0 billion or 0.6%. See NAHB and BEA

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