Declining mortgage rates and rising family incomes made it more affordable for Americans buying homes in the fourth quarter, the National Association of Realtors said Thursday. The trade group’s composite housing-affordability index was 131.8 points during the fourth quarter of 2004, up 2.9 percentage points from 128.9 the third quarter. Good news for Las Vegas real estate! The index shows that a typical U.S. household had 131.8 percent of the income needed to purchase a home at the fourth quarter median re-sale home price, which was $187,500 for the country as a whole. The median price for a re-sale home in Las Vegas is $250,000.

This entry was posted by Michelle Sterling on Tuesday, February 8th, 2005 at 7:38 am and is filed under Business & The Economy, General. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.