Buying Homes in Montgomery County PA – Is the Time Right?
The National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI) released this week confirmed other recent reports of growth in the real estate market. Spurred on by historically low interest rates in the final quarter of 2012, home buyers saw more housing affordability and relatively stable home pricing throughout the county, making it possibly the right time for you to buy your home.
According to the HOI, gains in home affordability rose from 74.1 % to 74.9% in the final quarter of 2012, making homes affordable to median income earners in the United States. The current median household income in Montgomery County is $71,000.
Home Builder and NAHB Chairman Rick Judson explained why this was good news for potential home buyers. “The most recent housing affordability data should be encouraging to many prospective home buyers,” Judson said. “Because it shows that homeownership remains within reach of median-income consumers even as most local markets appear to be on a recovery path.”
JHG chief James Harner also remarked on this news, saying, “It is noteworthy that affordability remains historically high thanks to favorable mortgage rates even as national home price indexes show some rise in values.” Harner shared that the median price of existing homes in that same quarter was still up, at $255,000.
As you consider Buying Homes in Montgomery County PA, these areas may be of interest to you.
Find out more about new construction and see housing market updates online at the National Association of Home Builders.
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