MEDIAN HOME PRICES LESS AFFORDABLE THAN HISTORIC AVERAGES

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National home prices in the first quarter were at the least affordable level since the third quarter of 2008, according to the Q2 2018 U.S. Home Affordability Report by ATTOM Data Solutions.

The report calculates an affordability index based on the percentage of income needed to buy a median-priced home relative to historic averages. An index above 100 indicates median home prices are more affordable than the historic average. An index below 100 indicates median home prices are less affordable than the historic average.

In Collier County, the Q2 2018 Affordability Index is 97, with a year-over-year annualized wage growth of 2.2 percent. Year-over-year median home price growth was 2.5 percent.

Lee County received an affordability index of 76, with a year-over-year annualized age growth of 3.5 percent. Year-over-year median home price growth was 13.2 percent.

Charlotte County received an affordability index of 80, with a year-over-year annualized wage growth of 3.7 percent.  Year-over-year median home price growth was 8.3 percent.

Nationwide, the 2018 second-quarter home affordability index of 95 was down from an index of 102 in the previous quarter and an index of 103 in Q2 2017 to the lowest level since Q3 2008, when the index was 86.

For the full report, click here.

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