Industry News

Real estate buck stretches furthest in Indianapolis

City tops nation's most-affordable list in fourth quarter

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Indianapolis maintained its standing as the most affordable major U.S. housing market for a sixth consecutive quarter in the fourth quarter of 2006, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI), released this week. Some 89 percent of Indianapolis homes sold in the fourth quarter were affordable to families earning the area's median household income of $65,100, and the median sales price of all homes sold in Indianapolis during that time was $113,000, down from the $122,000 median sales price in the previous quarter. Nationwide, housing affordability edged slightly upward due to a noticeable decline in the average mortgage rate and a marginal downshift in the median price of all homes sold. "Today's HOI reading indicates that 41.6 percent of new and existing homes that were sold during the fourth quarter of 2006 were affordable to families earning the national median income of $59,600," said NAHB President Brian Catalde, a home bu...