The Housing Market Hits a Three Year High

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NAHB/Wells Fargo Housing Opportunity Index (HOI)’s report released this November 2019 was good news for the housing industry. Housing affordability reached its highest in three years in the third quarter of 2019.

Those involved in the industry say the high is a result of the three-year low mortgage rates and the vigorous job market. “With mortgage rates at historic lows, consumers are experiencing greater buying power and increased affordability,” said NAHB Chairman Greg Ugalde, a home builder and developer from Torrington, Conn.

The third-quarter report keeps the national median home price at $280,000 with mortgage rates falling from 4.07% to 3.37% which positioned the rates at the three-year low.

As for each of the housing markets throughout the nations, both large and small, data varied for the third quarter. Scranton-Wilkes-Barre-Hazleton, Pennsylvania, was the nation’s most affordable major housing market where 89.3% of new and existing homes that were sold to median income families. The most affordable smaller market was Monroe, Michigan where median income families purchased 95.3% of homes on the market. The least affordable housing market in the country was San Francisco ranking at just 8.4% of median income families purchasing homes. The smaller housing markets with least affordability all came in from California including Los Angeles-Long Beach-Glendale, Anaheim-Santa Ana-Irvine, San Jose-Sunnyvale-Santa Clara, and San Diego-Carlsbad.

The top five for most affordable were ranked as follows. The top five major housing markets with the most affordable housing were Scranton-Wilkes-Barre-Hazleton, Pennsylvania, Indianapolis-Carmel-Anderson, Indiana, Youngstown-Warren-Boardman, Ohio-Pennsylvania, Syracuse, New York and Harrisburg-Carlisle, Pennsylvania. The smaller most affordable housing markets were Monroe, Michigan, Cumberland, Maryland-West Virginia.; Davenport-Moline-Rock Island, Iowa-Illionis; Kokomo, Indiana, and Elizabethtown-Fort Knox, Kentucky.

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