Housing affordability has fallen to its lowest level in a decade, says the National Association of Home Builders.
NAHB asserts that rising building material costs, high demand and low inventory have added tens of thousands of dollars to the price of a new home.
The share of new and existing homes affordable to families making the US median income of $79,900 dropped to 56.6% in the second quarter from 63.1% in the first, according to the NAHB/Wells Fargo Housing Opportunity Index (HOI).
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