Affordability dropped by 0.1% monthly and 5% annually in March, driven by 6.2% increase in house prices and 0.3% rise in mortgage rates, according to First American RHPI.
Household income increased 3.7% year-over-year but failed to offset the loss in affordability due to higher mortgage rates. Consumer homebuying power declined monthly but rose 0.8% annually.
#housing-affordability #real-house-price-index #mortgage-rates #consumer-homebuying-power #income-increase
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