Houses were more affordable in the first quarter of 2015 as interest rates and prices were both lower, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index, released Thursday.
"Consumers benefitted from continued low mortgage rates and some fall in the price of homes sold in the first quarter, as these conditions offer a great time to buy," said NAHB Chairman Tom Woods.
"The past two quarters have seen an improvement in affordability as mortgage rates remain low," said NAHB Chief Economist David Crowe. "Eighty-five percent of the metropolitan areas measured experienced an increase in affordability. Along with favorable home prices and pent-up demand, this broad improvement should help encourage more buyers to enter the marketplace."
