Rising home prices and interest rates will decrease housing affordability even further in the months ahead, predicts National Association of Home Builders Chief Economist Robert Dietz.
In a recent NAHB newsletter, Dietz said his outlook comes as home prices have risen more than 30%, on average nationwide since the start of 2020. A year ago, 43% of new home sales were priced below $300,000. In August, the share fell to 30%.
New homes are 24% lower than a year ago because of higher construction costs and some limiting of sales.
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