Homes Less Affordable in July: Homes in...

Homes Less Affordable in July: Homes in the United States became less affordable in July as higher prices offset lower mortgage rates, the National Assn. of Realtors said. The NAR said the housing affordability index, which tracks home buying ability, was 98.0 in July, down from 99.1 in June. At 98.0, a family earning the median income of $32,876 had 98% of the income needed to qualify for conventional financing covering 80% of a home priced at $96,400. The association said the national median price for existing homes of $96,400 was an increase of $3,000 from June. In the West, a family earning $34,907 had only 73.5% of the income needed to purchase a home priced at $138,200.