Housing affordability remained near its highest level nationwide for the sixth consecutive quarter, according to the most-recent National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI).
The HOI indicated that 72.3 percent of all new and existing homes sold in the second quarter of 2010 were affordable to families earning the national median income of $64,400. The index for the second quarter was slightly more affordable than the previous quarter and almost equaled the record-high 72.5 percent set during the first quarter of 2009.
Major metro areas with the least affordable housing markets included San Francisco-San Mateo-Redwood City; Santa Ana-Anaheim-Irvine, Calif.; and Los Angeles-Long Beach-Glendale, Calif.
San Luis Obispo-Paso Robles, Calif., was the least affordable of the smaller metro housing markets in the country during the second quarter. Others near the bottom included Santa Cruz-Watsonville, Calif.; Santa Barbara-Santa Maria-Goleta, Calif.; and Napa, Calif.
Source: National Association of Home Builders
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