When taking into consideration the median home prices, median family income and the average mortgage interest rate, the Housing Affordability Index rose to 206.1!

A high index means better "household purchasing power", according to NAR, and index of 100 is the point where a median-income household creates enough income to qualify for the purchase of a median-priced existing single-family home.

According to NAR President, Moe Viessi, This is the first time the housing affordability index has broken the two hundred mark, meaning the typical family has roughly double the income needed to purchase a median-priced home, he said. For buyers who can qualify for a mortgage, now is a very good time to become a homeowner.