Attom's third-quarter 2024 housing affordability report shows improved buying and owning expenses due to lower mortgage rates, increased wages, and slow home price growth.
Attom CEO Rob Barber noted that while affordability has improved slightly, home ownership costs still exceed levels preferred by banks in many areas.
Despite indicators of easing affordability, 99% of the counties analyzed by Attom reported single-family homes and condos remain less affordable than historical averages.
Following a Federal Reserve interest rate cut, the Mortgage Bankers Association reported a 5.2% decline in median mortgage payments, signaling some relief for home buyers.
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