Posted March 18, 200619 yr Press release. All of the data can be found at the link at the end: Indianapolis Recaptures Title Of Most-Affordable Major Housing Market At Year-End 2005 February 23, 2006 - Indianapolis, Ind., was the nation’s most affordable major housing market for a second consecutive quarter at year-end 2005, according to the National Association of Home Builders’/Wells Fargo Housing Opportunity Index (HOI), released today. Meanwhile, higher interest rates and rising home prices caused nationwide housing affordability to slip for a fourth consecutive quarter to its lowest level on HOI record. “The latest HOI shows that only 41 percent of new and existing homes that were sold during the final quarter of 2005 were affordable to families earning the national median income,” said David Pressly, NAHB president and a home builder from Statesville, N.C. “This is down from 43.2 percent of homes sold in the third quarter and 52 percent of homes sold in the final quarter of 2004.” Pressly noted that the housing affordability situation should improve as mortgage rates peak later this year and home price appreciation decelerates from the record rates of the last several years to a more normal pace. “This will give incomes a chance to catch up.” “Between the third and fourth quarters of last year, the national weighted interest rate on fixed and adjustable-rate mortgages that we use in calculating the HOI rose from 5.84 percent to 6.21 percent, and this certainly increased the threshold for families seeking homeownership,” said NAHB Chief Economist David Seiders. “Meanwhile, nationwide home prices were on a strong upward trajectory through 2005.” NAHB forecasts predict that the average rate on a 30-year, fixed-rate mortgage will inch up gradually to about 6.6 percent late in 2006 and average about 6.5 percent for the year as a whole. In the nation’s most affordable major housing market of Indianapolis, Ind., 88.7 percent of new and existing homes that were sold in the fourth quarter were affordable to households earning the area’s median income of $64,000. The median sales price of all Indianapolis homes sold in that time frame was $120,000. Also near the top of the list for affordable major metros were Youngstown-Warren-Boardman, Ohio-Pa., followed by Detroit-Litonia-Dearborn, Mich.; Grand Rapids-Wyoming, Mich.; and Dayton, Ohio, in that order. Midwestern metros also dominated the list of the most affordable small housing markets with under 500,000 people. Davenport-Moline-Rock Island, Iowa-Ill. was tops, followed by the metro areas of Cumberland, Md.-W.Va.; Lima, Ohio; Mansfield, Ohio; and Lansing-East Lansing, Mich. At the bottom of the affordability scale was Los Angeles-Long Beach-Glendale, Calif., where just 2.3 percent of homes sold in the fourth quarter were affordable to families earning the area’s median household income of $54,500. The median price of all homes sold in that area was an even $500,000. And as usual, the bottom of the affordability scale was dominated by large California cities, including Santa Ana-Anaheim-Irvine, San Diego-Carlsbad-San Marcos, and Stockton. New York-White Plains-Wayne, N.Y.-N.J. rounded out the list of the five least-affordable major housing markets. Among cities smaller than 500,000 people, Merced, Calif., was lowest on the list and the second least affordable market overall. Other small cities in the unaffordable column included Modesto, Salinas, Santa Barbara-Santa Maria, and Santa Cruz-Watsonville, Calif. Please visit www.nahb.org/hoi for tables, historic data and details. EDITOR’S NOTES: Due to recent changes in the way that the federal government defines metropolitan statistical areas, some metros previously ranked by the HOI may have been absorbed into other metros and not have their own individual rankings. To find out where each city included in the HOI now falls, visit www.nahb.org/hoi and click on “New Metropolitan Statistical Area Definitions.” The NAHB/Wells Fargo HOI is a measure of the percentage of homes sold in a given area that are affordable to families earning that area’s median income during a specific quarter. This is a reinvention of the popular NAHB affordability index that was discontinued after the first quarter of 2002 due to budgetary constraints. While similar to the earlier HOI, the index now incorporates newly revised HUD data for household income, which was previously underestimated in some markets, and revised property tax and insurance data in several metro markets. Prices of new and existing homes sold are collected from actual court records by First American Real Estate Solutions, a marketing company. Mortgage financing conditions incorporate interest rates on fixed- and adjustable-rate loans reported by the Federal Housing Finance Board. The NAHB/Wells Fargo Housing Opportunity Index is strictly the product of NAHB Economics, and is not seen or influenced by any outside party prior to being released to the public. Please visit www.nahb.org/hoi for tables, historic data and details. For more NAHB economic data, you can go to: www.housingeconomics.com. http://www.nahb.org/news_details.aspx?sectionID=148&newsID=2093 OVERALL: 1. Davenport-Moline-Rock Island, IA-IL 2. Cumberland, MD-WV 3. Indianapolis, IN 4. Lima 5. Mansfield 6. Canton-Massillon 7. Youngstown-Warren-Boardman 11. Dayton 12. Toledo 22. Akron 24. Cleveland-Elyria-Mentor 32. Cincinnati-Middletown 38. Columbus 84. Wheeling, WV-OH 156. Santa Barbara-Santa Maria, CA 157. Modesto, CA 158. Santa Ana-Anaheim-Irvine, CA 159. Merced, CA 160. Los Angeles-Long Beach-Glendale, CA MOST AFFORDABLE, POPULATION 500,000+ 1. Indianapolis, IN 2. Youngstown-Warren-Boardman 5. Dayton 6. Toledo MOST AFFORDABLE, POPULATION UNDER 500,000 1. Davenport-Moline-Rock Island, IA-IL 3. Lima 4. Mansfield 6. Canton-Massillon
July 21, 200618 yr Press release, from May, for the 1st Quarter of 2006. Links at the end. Indianapolis Remains Nation’s Most Affordable Major Housing Market For Third Consecutive Quarter May 17, 2006 - Indianapolis, Ind. was the nation's most affordable major housing market for a third consecutive quarter in the beginning of 2006, according to the National Association of Home Builders'/Wells Fargo Housing Opportunity Index (HOI), released today. Meanwhile, nationwide housing affordability remained virtually unchanged from the end of 2005, as slightly lower home prices and higher household income helped offset an upward movement in mortgage rates to keep the index almost flat. The HOI rose marginally from its lowest level on record, 41.0 at year-end 2005, to 41.3 in the first quarter of 2006. "The latest HOI shows that only 41.3 percent of new and existing homes that were sold during this year's first quarter were affordable to families earning the national median income," said NAHB President David Pressly, a home builder from Statesville, N.C. "This is down from just over 50 percent of all homes sold in the first quarter of 2005 that were affordable to the average family." "Compared to the fourth quarter of last year, the median price of all new and existing homes that were sold during the first quarter of 2006 declined 1.5 percent, while the national median income, as calculated by the federal government on an annual basis, was adjusted upward from $58,000 to $59,600," explained NAHB Chief Economist David Seiders. "These factors kept housing affordability from sliding further despite the fact that the national weighted interest rate on fixed and adjustable-rate mortgages rose 18 basis points in the period, from 6.21 percent to 6.39 percent." In the nation's most affordable major housing market of Indianapolis, just over 90 percent of homes sold in the first quarter were affordable to families earning the area's median household income of $65,100. The median sales price of all homes sold in Indianapolis during that time was $113,000 - down from $120,000 at year-end 2005. Also near the top of the list for affordable major metros was Youngstown-Warren-Boardman, Ohio-Pa., followed by Detroit-Livonia-Dearborn, Mich.; Rochester, N.Y.; and Buffalo-Niagara Falls, N.Y., in that order. Four smaller housing markets outranked all others in housing affordability this time around, including Lansing-East Lansing, Mich. at the top of the list; Davenport-Moline-Rock Island, Iowa-Ill.; Lima, Ohio; and Battle Creek, Mich., respectively. Bay City, Mich., was the fifth-most affordable market smaller than 500,000 people. Los Angeles-Long Beach-Glendale, Calif. maintained its standing at the very bottom of the affordability chart in the first quarter, with just 1.9 percent of new and existing homes sold in the area being affordable to families earning the median household income of $56,200. The median price of all homes sold in the metro during the first quarter was $500,000, which was unchanged from the previous HOI. Other major metros at the bottom of the housing affordability chart included Santa Ana-Anaheim-Irvine, Calif., followed by San Diego-Carlsbad-San Marcos, Calif.; New York-White Plains-Wayne, N.Y.-N.J.; and Nassau-Suffolk, N.Y. Among metro areas smaller than 500,000 people, Santa Barbara-Santa Maria, Calif. was the least affordable housing market. Four other small California markets also fell at the bottom of the affordability chart, including Modesto as the second-least affordable small market, followed by Salinas, Merced, and Napa. Please visit www.nahb.org/hoi for tables, historic data and details. http://www.nahb.org/news_details.aspx?sectionID=135&newsID=2595 OVERALL: 1. Lansing-East Lansing, MI 2. Davenport-Moline-Rock Island, IA-IL 3. Lima 4. Battle Creek, MI 5. Indianapolis, IN 8. Springfield 9. Youngstown-Warren-Boardman 11. Canton-Massillon 14. Mansfield 20. Dayton 21. Toledo 24. Akron 27. Cleveland-Elyria-Mentor 28. Sandusky 35. Cincinnati-Middletown 41. Columbus 69. Wheeling, WV-OH 178. Salinas, CA 179. Modesto, CA 180. Santa Barbara-Santa Maria, CA 181. Santa Ana-Anaheim-Irvine, CA 182. Los Angeles-Long Beach-Glendale, CA MOST-AFFORDABLE, POPULATION 500,000+ 1. Indianapolis, IN 2. Youngstown-Warren-Boardman 7. Dayton 8. Toledo MOST-AFFORDABLE, POPULATION UNDER 500,000 1. Lansing-East Lansing, MI 3. Lima 7. Springfield 9. Canton-Massillon
August 25, 200618 yr NUMBERS FOR 2Q2006 The NAHB press release: Indianapolis Retains Crown As Nation's Most Affordable Housing Market Printer Friendly August 22, 2006 - Indianapolis, Ind. maintained its standing as the most affordable major U.S. housing market for a fourth consecutive time in the second quarter of 2006, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI), released today. Meanwhile, nationwide housing affordability edged slightly downward as the median price of all homes sold in the period remained unchanged and a slight uptick was registered in the average mortgage rate. “Today’s HOI reading indicates that 40.6 percent of new and existing homes that were sold during the second quarter were affordable to families earning the national median income of $59,600,” said NAHB President David Pressly, a home builder from Statesville, N.C. “This is just below the 41.3 percent of homes that were affordable to median-income earners in the first quarter and tied to the somewhat higher mortgage rates that prevailed in the April – June period.” The HOI indicates that the national weighted interest rate on fixed and adjustable-rate mortgages – a key component in calculating the HOI – was 6.65 percent in the second quarter, compared to 6.39 percent in the first quarter. In the nation’s most affordable major housing market of Indianapolis, 87.4 percent of homes sold in the second quarter were affordable to families earning the area’s median household income of $65,100. The median sales price of all homes sold in Indianapolis during that time was $120,000, which is up from $113,000 in the previous quarter and equivalent to the median sales price for Indianapolis homes sold in the final quarter of 2005. Also near the top of the list for affordable major metros this time around were Detroit-Livonia-Dearborn, Mich.; Grand Rapids-Wyoming, Mich.; Buffalo-Niagara Falls, N.Y.; and Youngstown-Warren-Boardman, Ohio-Pa., in that order. Five smaller metro markets outranked all others in terms of housing affordability during the second quarter, including Springfield, Ohio, as well as four Michigan locations: Bay City, Lansing-East Lansing, Saginaw-Saginaw Township North, and Battle Creek, respectively. Also maintaining its previous standing on the HOI was Los Angeles-Long Beach-Glendale, Calif., which was the nation’s least-affordable major housing market for a seventh consecutive quarter. There, just under 2 percent of new and existing homes sold during the second quarter were affordable to those earning the area’s median family income of $56,200. The median sales price of all homes sold in the area during the period was $521,000. Other major metros at the bottom of the housing affordability chart included Santa Ana-Anaheim-Irvine, Calif.; San Diego-Carlsbad-San Marcos, Calif.; New York-White Plains-Wayne, N.Y.-N.J.; and Stockton, Calif., in that order. Among metro areas smaller than 500,000 people, every entry at the bottom of the affordability chart was located in California, starting with Salinas as the least affordable and followed by Merced, Modesto, Santa Cruz-Watsonville and Santa Barbara-Santa Maria, Calif., respectively. Please visit www.nahb.org/hoi for tables, historic data and details. EDITOR’S NOTE: The NAHB/Wells Fargo HOI is a measure of the percentage of homes sold in a given area that are affordable to families earning that area’s median income during a specific quarter. Prices of new and existing homes sold are collected from actual court records by First American Real Estate Solutions, a marketing company. Mortgage financing conditions incorporate interest rates on fixed- and adjustable-rate loans reported by the Federal Housing Finance Board. The NAHB/Wells Fargo Housing Opportunity Index is strictly the product of NAHB Economics, and is not seen or influenced by any outside party prior to being released to the public. (GC: Populations are estimates as of 2004) http://www.nahb.org/news_details.aspx?sectionID=135&newsID=3122 OVERALL: 1. Springfield, OH 2. Bay City, MI 3. Lansing-East Lansing, MI 4. Saginaw-Saginaw Township North, MI 5. Battle Creek, MI 7. Mansfield, OH 8. Canton-Massillon, OH 17. Youngstown-Warren-Boardman, OH-PA 18. Dayton, OH 19. Lima, OH 23. Toledo, OH 26. Sandusky, OH 31. Akron, OH 32. Cincinnati-Middletown, OH-KY-IN 32. Cleveland-Elyria-Mentor, OH 47. Columbus, OH 95. Wheeling, WV-OH 195. Modesto, CA 196. Merced, CA 197. Salinas, CA 198. Santa Ana-Anaheim-Irvine, CA 199. Los Angeles-Long Beach-Glendale, CA MOST AFFORDABLE, POPULATION 500,000+ 1. Indianapolis, IN 2. Detroit-Livonia-Dearborn, MI 3. Grand Rapids-Wyoming, MI 4. Buffalo-Niagara Falls, NY 5. Youngstown-Warren-Boardman, OH-PA 6. Dayton, OH 7. Harrisburg-Carlisle, PA 8. Toledo, OH 9. Warren-Farmington Hills-Troy, MI 10. St. Louis, MO-IL MOST AFFORDABLE, POPULATION UNDER 500,000 1. Springfield, OH 2. Bay City, MI 3. Lansing-East Lansing, MI 4. Saginaw-Saginaw Township North, MI 5. Battle Creek, MI 6. Mansfield, OH 7. Canton-Massillon, OH 8. Cumberland, MD-WV 9. Rockford, IL 10. Flint, MI
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