For years now, buying a home has been getting more expensive. Higher home prices and climbing mortgage rates have had affordability trending in the wrong direction. But lately, things have started to change. In fact, according to ATTOM Data Solutions’ third-quarter 2024 U.S. Home Affordability Report, buying a home was more affordable during the third quarter. Rob Barber, ATTOM’s CEO, says market challenges remain but conditions are starting to head in the right direction. “Home affordability continues to show signs of easing, which lightens the pressure on house hunters struggling to find a place that fits their budget,” Barber said. “The cost of owning a home across much of the nation remains a tough go for average workers, exceeding levels preferred by banks and other lenders. But it is at least tracking in the right direction. That’s mainly because of declining interest rates.” (source)
