One piece of good news coming out of the Great Recession is the increasing affordability of housing.
The typical U.S. family earning the nation’s median income of $64,000 a year could afford to buy 70.1 percent of all homes sold in the United States during the third quarter, according to a report from the National Association of Home Builders and Wells Fargo. The report relied on the government standard of spending no more than 28 percent on housing. In the same quarter of 2008, only 56.1 percent qualified.
What does this mean to Albuquerque? Our market never gets too high or too low. We have a 9 month supply of re-sale homes on the market. Once the banks start lending money to builders and developers we will see a rise in new homes coming online. Until then there are about 6 listings for every buyer in the metro area according to the Greater Albuquerque Association of Realtors.
Search homes on the MLS in Albuquerque by clicking HOME SEARCH link on the right hand side of this page.
The typical U.S. family earning the nation’s median income of $64,000 a year could afford to buy 70.1 percent of all homes sold in the United States during the third quarter, according to a report from the National Association of Home Builders and Wells Fargo. The report relied on the government standard of spending no more than 28 percent on housing. In the same quarter of 2008, only 56.1 percent qualified.
What does this mean to Albuquerque? Our market never gets too high or too low. We have a 9 month supply of re-sale homes on the market. Once the banks start lending money to builders and developers we will see a rise in new homes coming online. Until then there are about 6 listings for every buyer in the metro area according to the Greater Albuquerque Association of Realtors.
Search homes on the MLS in Albuquerque by clicking HOME SEARCH link on the right hand side of this page.
