For the seventh consecutive quarter San Francisco, San Mateo, Redwood City, California remains the nation’s priciest housing market, according to the NAHB index. About 11 percent of homes sold in the second quarter there were affordable to families earning the area’s median income of $100,400.-
Cities that were found to be among the least affordable in the second quarter are:
- Santa Ana-Anaheim-Irvine, Calif.
- Los Angeles-Long Beach-Glendale, Calif.
- San Jose-Sunnyvale-Santa Clara, Calif.
- New York-White Plains-Wayne, N.Y.-N.J.
In general The Housing affordability is facing another hit due to higher home prices and qualifying income levels despite borrowing costs from mortgages rates remaining at their lowest levels of the year according to the National Association of Realtors latest reading on its Housing Affordability Index. Nationally, affordability is down from 168.5 in June 2013 to 153.4 in June 2014
However, Homeowners are still able to take advantage of programs that allow them to refinance and lock in a low mortgage rate with price growth providing equity. Locking in a lower rate now will save money paid in interest for the long term.