Photo: Brandon Blahnik/Flickr
Homes became less affordable in the United States in November as the median sale price for an existing single-family home rose to $206,200, up 5.6 percent from $197,400 the same time the year before.
Nationally, prices for homes have been trending upwards for the past few years. The November median was $177,200 in 2012 and $166,200 in 2011.
Here’s how prices have changed, month-to-month over the last year:
The National Association of Realtors (NAR) says the monthly affordability rate fell from 173.3 in November 2013 to 170.7 in November 2014.
The affordability index takes into account different factors such as the median price of a single-family home, monthly mortgage rates as well as the median family income.
Month-to-month, affordability declined at a rate of 2.8 percent in the Midwest and 1.6 percent in the South. There was no change in West while the Northeast saw an increase of 3.7 percent.
For more details about median home prices and the affordability index in each region, check out the interactive map below: