The rapid rise in home values in much of the country in 2014 has led to a decline in the house affordability index compiled by the NAHB and Wells Fargo.
An estimated 62.6 percent of new and existing houses sold between April and July were considered within reach of families earning the U.S. median annual wage of $63,900. That’s a slight decline from the 65.5 percent of houses that could have been purchased by the same families in the first quarter of the year.