Affordability Sinks to Lowest Point in Over Three Decades, According to First American Real House Price Index
“In July 2023, the Real House Price Index (RHPI) jumped up by nearly 17 percent on an annual basis, bringing housing affordability to the lowest point in over three decades.
- “In July 2023, the Real House Price Index (RHPI) jumped up by nearly 17 percent on an annual basis, bringing housing affordability to the lowest point in over three decades.
- If housing is appropriately valued, house-buying power should equal or outpace the median sale price of a home,” said Fleming.
- First American Data & Analytics preliminary nominal house price index indicates that house price appreciation likely continued in August.
- The next release of the First American Real House Price Index will take place the week of October 30, 2023 for July 2023 data.