The National Association of Home Builders (NAHB) recently updated its 2024 priced out estimates, showing how higher prices and interest rates affect housing affordability. The new estimates show that affordability is a serious problem even before any further price or interest rate increases. Already in 2024, 103.5 million households are not able to afford a median priced new home $495,750. This is because their incomes are insufficient to qualify for the required mortgage under standard underwriting criteria. If the median new home price goes up by $1,000, an additional 106,031 households would be priced out of the market. In Nevada (entire state) the median price of a NEW home is: $554,458 Income needed to qualify: $158,290 Households Unable to Afford this house: 83.12% Priced-Out if there is a $1,000 increase in price: 942 families Affordability remains the major obstacle to homeownership in Nevada and throughout America. It's not so much the interest rates as it is the cost of the home, for both new and existing. Contact me for more information. 702-303-0243 or TPayne@loandepot.com We are a direct nationwide lender. EQUAL HOUSING LENDER
Rate | Change | Points | |
---|---|---|---|
30 Yr. Fixed | 6.86% | -0.05 | -- |
15 Yr. Fixed | 6.31% | -0.02 | -- |
30 Yr. FHA | 6.32% | -0.06 | -- |
30 Yr. Jumbo | 7.04% | -0.03 | -- |
5/1 ARM | 6.53% | -0.02 | -- |
Rate | Change | Points | |
---|---|---|---|
30 Yr. Fixed | 7.00% | -0.03 | 0.60 |
15 Yr. Fixed | 6.63% | +0.07 | 0.61 |
30 Yr. FHA | 6.87% | -0.03 | 0.92 |
30 Yr. Jumbo | 7.13% | +0.02 | 0.38 |
5/1 ARM | 6.22% | -0.16 | 0.60 |
Value | Change | ||
---|---|---|---|
Mortgage Apps | Jul 10 | 206.1 | -0.19% |
Building Permits | Mar 1 | 1.46M | -3.95% |
Housing Starts | Mar 1 | 1.32M | -13.15% |
New Home Sales | Mar 1 | 693K | 4.68% |
Pending Home Sales | Feb 1 | 75.6 | 1.75% |
Existing Home Sales | Feb 1 | 3.97M | -0.75% |
Builder Confidence | Mar 1 | 51 | 6.25% |