CHICAGO – National housing affordability declined in April 2021 compared with a year ago, according to the National Association of Realtors’ Housing Affordability Index.
Since April 2020, the median family income declined by 1 percent while the monthly mortgage payment increased by 16.1 percent. The median existing-home sales price rose by 20 percent from June 2020.
Housing affordability declined from 2020 in all four U.S. regions. In the South, the region that includes Texas, affordability declined by 12.2 percent.
The lack of home supplies has caused the increase in home prices, straining affordability and first-time homebuyers.
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Source: National Association of Realtors