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Home Buyers Gaining Ground As Home Affordability Hits Record High
Date:9/10/2013

inkClick(this.href)" rel="nofollow">afford to buy another home with their home equity gains:

STATS FOR THE WEEK OF AUGUST 25 - 31:

  • New Real Estate Listings increased 16.3% to 1,359
  • Pending Home Sales increased 22.9% to 1,243

FOR THE MONTH OF AUGUST:

  • Percent of Original List Price Received increased 2.0% to 97.0%
  • Median Sales Price increased 16.9% to $208,000

Rising home prices and residential rental rates have boosted the typical housing expense for residents in some metro areas well beyond average wages during the past two years, according to the Center for Housing Policy. One example is Florida, where tourism and service-related jobs make up a large portion of jobs and leaves more prospective home buyers seeking to gain a quality loan to buy a home over obtaining one. The recent Housing Becoming Unaffordable for Many article in the Herald Tribune says, "Rising home prices and residential rental rates have boosted the typical housing expense for workers in Sarasota and Manatee counties well beyond average wages during the past two years". The positive growth in Twin Cities jobs has placed the metro above national averages for home affordability.

Between 2012 and 2013, buying a median-priced home became unaffordable for some families in Minneapolis-St. Pau, auto mechanics are one industry to be impacted, according to the Center For Housing Policy Home Affordability Study, "Families Living Paycheck to Paycheck". Some that make up the low- and moderate-income sectors find rising home prices and mortgage rates make it more difficult.

"Taking time to learn what your FHA mortgage limits and home loan opportunities are may help you be able to afford the home they are seeking to buy," encourages Thuening.

Home Destination helps prospective home buyers know th
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