Across the country, home affordability has been gradually increasing month after month, even hitting a new high in the first quarter of this year. This significant indicator of economic health and real estate recovery is often overlooked, but tracking its fluctuations can reveal patterns that help guide homebuyers. This latest news on housing affordability comes in conjunction with positive projections for the spring and summer home buying season.
As measured by the National Association of Home Builders (NAHB)/Wells Fargo Housing Opportunity Index (HOI), 65.5% of homes sold from January through March of this year were considered affordable to families earning the U.S. median income. Not only is this an increase from the fourth quarter of 2013’s percentage, but it’s also indicative of stabilizing home prices and interest rates.
These latest HOI results are extremely reassuring to home shoppers who have been waiting for just the right moment to buy a new affordable home for sale. NAHB Chief Economist David Crowe agrees, describing this as an “opportune time to buy.” Kevin Kelly, NAHB chairman also notes that housing affordability remains strong and it’s “an encouraging sign as the spring home buying season moves into high gear.”
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With housing affordability rising, both first-time and veteran homebuyers might feel inspired to get out and shop the market – as they should! Here at Arcadia Communities, we recognize that buying a home is a huge financial decision, and shoppers shouldn’t settle for anything less than their dream home. That’s why we’ve committed ourselves to only providing the best for our homeowners!
The features and finishes you’ll find in a newly built Arcadia Communities home are unlikely to be included by other builders. We go above and beyond to provide only the latest in home design and functionality. This includes updated GE kitchen appliances, granite countertops, hardwood flooring, energy efficient windows and insulation, tall ceilings, and open floor plans with a natural layout.
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When new homeowners move into a home built by Arcadia Communities, they’ll know they’ve made the right choice! Our reasonably priced homes located in incredible communities offer the most to homeowners and their families. The dream of homeownership is attainable – even more so now that home affordability is increasing quarter after quarter!
