Less than half of the new and existing homes sold between the beginning of April and the end of June were affordable to families earning the U.S. median income of $96,300, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index.

The number came in at 40.5% as many are feeling the one-two punch of rising home prices, which have shown the median existing-home price appreciating 39.3% from June 2020 to June 2023, and rising mortgage rates, with the 30-year fixed rate increasing 127% over the same time frame.

"As most homeowners finance their purchase through a mortgage, the increase in prices and rising rates have led to a 3-year price change to the average mortgage cost of 115.7% when analyzing both prices and rates together," Nick Grandy, construction, and real estate senior analyst with RSM US LLP, tells GlobeSt.com.