According to a metric released Friday, buying a home is the least affordable it has been in over 30 years.
There is a house for sale in Washington.
The housing affordability index, which is calculated using median single- family home prices, mortgage rates and median family incomes, decreased from May to June.
According to the Wall Street Journal, this is the worst monthly score in 25 years.
According to the association, the median sale price of a single- family home was $423,700 in June, an all-time high and $7,900 higher than in May.
The West has the least affordable houses with a score of 68.6 on the index.
The 30-year fixed mortgage rate is down 59 basis points from June's peak. Bank of America said in a note last week that rates could fall to as low as 4.5% by the end of the decade.
The average price of a house went from $383,000 in the first quarter of 2020 to $525,000 in the second quarter of 2022. Consumer prices rose in July but at a slower rate than in June, which was the highest inflation level in over four decades. Fears of a housing market collapse have been caused by a plunge in new home sales in recent months.
Home buying could become more affordable soon if mortgage applications rise. There is a magazine called "Forbes."
The housing market is collapsing fast.
The US's housing affordability in June was the worst in 25 years.
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