Purchase Af​​fordability

Affordability metrics increased on a quarterly basis through 1Q2023. Average mortgage rates fell from the fourth quarter as median and first-quartile home purchase prices stayed flat. On year-over-year (YOY) basis, mortgage rates were up significantly, decreasing purchase affordability. Although down significantly from the highs in the second and third quarters, on a YOY basis, the median and first-quartile home prices were down 3.6 and 4.1 percent, respectively (Figure 1 and Table 1). Average 30-year mortgage interest rates fell to 6.37 percent from 6.66 percent last quarter. That is a 2.55 percentage point increase from the average of 3.82 percent in 1Q2022.

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Previous reports:

2022: 1Q2022​, 2Q2022​, 3Q2022​, 4Q2022​

2021: 4Q2021