With the release of this week’s Weekly Market Activity Report we find that the Twin Cities Housing Affordability Index hit a near 4-year high!
The Housing Affordability Index takes into account interest rates, area median income, and median home sales price. With both sales prices and interest rates falling recently, we find the Index has increased quite substantially in recent months.
Interest rates remain well below 6% and there are a lot of new houses coming on the market this time of year. While it isn’t the right time to buy for all people, there are some compelling reasons to talk to a REALTOR about your situation and consider whether it is the right time to purchase for you.