Housing Affordability Improves: Housing became more affordable...

Housing Affordability Improves: Housing became more affordable for more people in August as mortgage rates dropped and the median home price declined, the National Assn. of Realtors said. Still, purchasing conditions remained “severe” in the Northeast and West. The association’s national housing affordability index measured 102.2 in August, the highest reading since April. The index, which stood at 97.7 in July, tracks monthly changes in the ability of consumers to buy a home. The index shows that a family earning the national median income of $32,992 in August had 102.2% of the income needed to qualify for a conventional loan for a residence priced at $94,900, the median home price for the month.