Wilmington housing remains highly affordable for sixth consecutive quarter

WILMINGTON, NC – Bolstered by favorable interest rates and low house prices, the Wilmington-Cape Fear Home Builders Association (WCFHBA) announced today that housing affordability remained near its highest level nationwide for the sixth consecutive month since the series was first compiled nearly two decades ago, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI) released today.

The HOI indicated that 72.3 percent of all new and existing homes sold in the second quarter of 2010 were affordable to families earning the national median income of $64,400. The index for the second quarter was slightly more affordable than the previous quarter and almost equaled the record-high 72.5 percent set during the first quarter of 2009. Until 2009, the HOI rarely topped 67 percent and never reached 70 percent.

“The possibility of homeownership is more obtainable for buyers in our market now than it has been for years,” said WCFHBA President John Lancaster of Venture Homes of the Carolinas. “More buyers are beginning to enter the market again thanks to renewed confidence as housing prices stabilize while the fed maintains all time low interest rates.”

Syracuse, N.Y., was the most affordable major housing market in the country, edging out Indianapolis-Carmel, Ind., which had held the top ranking for nearly five years. In Syracuse, 97.2 percent of all homes sold were affordable to households earning the area’s median family income of $64,300.

Among smaller housing markets, the most affordable was Springfield, Ohio, where 96.6 percent of homes sold during the second quarter of 2010 were affordable to families earning a median-income of $56,800. Other smaller housing markets near the top of the index included Mansfield, Ohio; Bay City, Mich.; Monroe, Mich.; and Lansing-East Lansing, Mich., respectively.

New York-White Plains-Wayne, N.Y.-N.J., continued to lead the nation as its least affordable major housing market during the second quarter of 2010. There, 19.9 percent of all homes sold during the quarter were affordable to those earning the New York area’s median income of $65,600. This was the ninth consecutive quarter that the New York metropolitan division has occupied this position.

“Our market is greatly influenced by what happens up north, so the numbers out of places like New York, Pennsylvania and Ohio are encouraging,” adds Lancaster.

Please visit www.nahb.org/hoi for tables, historic data and details. For more information on the local building industry and housing numbers contact the WCFHBA at www.wilmingtonhombuilders.com or (910)799-2611.

The Wilmington – Cape Fear Home Builders Association is a 1,100 member-firm trade association that provides services to its more than 9,500 individual members which enhance their success and stability. The largest trade association in eastern North Carolina, the Association serves as the voice of the building and development industries that strives to advance professionalism and promote community involvement. WCFHBA is recognized as a positive influential force for responsible growth by protecting property rights and the privilege of homeownership.

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