Demographia released its annual International Housing Affordability Survey recently, which shows the U.S. has the most affordable housing market of all English-speaking areas of the world.
According to the study, 117 of the 211 U.S. urban markets surveyed had were labeled "affordable" by Demographia. To achieve this rating, home prices in a market must be at or below three-times the annual household income in that market.
Canada had the next-highest number of affordable markets with nine, while Ireland had two and the remainder of the surveyed English-speaking areas - Australia, China, the U.K. and New Zealand - all had none. In terms of major markets, the U.S. was the only area of the world with affordable metros with 24.
"The bubble is over - prices have continued to decline," said Demographia principal Wendell Cox in regards to U.S. home prices. "We have housing prices back to where they're supposed to be."
Real estate records from the National Association of Realtors show existing-home sales reached an 11-month high in December. This likely occurred in part due to considerable housing affordability in markets throughout the nation.