Property data from housing markets nationwide indicate conditions are the most affordable for consumers and investors alike, the National Association of Realtors reports, which could lead to strong spring sales.
The Housing Affordability Index from NAR reached the highest level since the index was founded in 1970, climbing to a reading of 206.1 - the first time it has been above the 200 mark. In December, the index was 197.9.
Moe Veissi, NAR's president, noted that this information shows the market remains mostly in the favor of buyers, who may not have more affordable conditions than witnessed in early 2012.
"This is the first time the housing affordability index has broken the two hundred mark, meaning the typical family has roughly double the income needed to purchase a median-priced home," said Veissi. "For buyers who can qualify for a mortgage, now is a very good time to become a homeowner."
According to a report by Clear Capital, home prices nationwide remain just as low as NAR's index shows. On a quarter-over-quarter basis, the Clear Capital report states home prices slipped 0.6 percent in February.