[December 28, 2020]
Super-Sellers Market May Hinder Affordability Outlook for 2021, According to First American Real House Price Index
First American Financial Corporation (NYSE: FAF), a leading global provider of title insurance, settlement services and risk solutions for real estate transactions, today released the October 2020 First American Real House Price Index (RHPI). The RHPI measures the price changes of single-family properties throughout the U.S. adjusted for the impact of income and interest rate changes on consumer house-buying power over time at national, state and metropolitan area levels.
Because the RHPI adjusts for house-buying power, it also serves as a measure of housing affordability.
Hot housing market fuels decline in affordability
HARTFORD, Connecticut (Hartford Business Journal) Hartford is among the five housing national markets nationwide that saw the biggest declines in affordability since June due in part to pandemic-related factors, according to a new report.
First American Financial Corporation measured the price changes of single-family properties across the U.S. adjusted for the impact of income and interest-rate changes for its First American Real House Price Index, released today.
Hartford was in the top five metro areas nationwide for drops in affordability, with a decline of 4%. Las Vegas ranked first with a 4.9% decline. The only other East Coast city in the top 5 was Providence, with a 3.8% drop.
Hartford is among the five housing national markets nationwide that saw the biggest declines in affordability since June due in part to pandemic-related factors, according to a new report.
First American Financial Corporation measured the price changes of single-family properties across the U.S. adjusted for the impact of income and interest-rate changes for its First American Real House Price Index, released today.
Hartford was in the top five metro areas nationwide for drops in affordability, with a decline of 4%. Las Vegas ranked first with a 4.9% decline. The only other East Coast city in the top 5 was Providence, with a 3.8% drop.