Rising Incomes Boost Housing Affordability in First Quarter of 2018

Strong wage growth more than offset an increase in mortgage interest rates to boost nationwide housing affordability in the first quarter of 2018, according to the National Association of Home Builders (NAHB)/Wells Fargo Housing Opportunity Index (HOI) released today.

In all, 61.6 percent of new and existing homes sold between the beginning of January and end of March were affordable to families earning the U.S. median income of $71,900. This is up from the 59.6 percent of homes sold that were affordable to median-income earners in the fourth quarter.

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Connecticut’s Home Building Industry Lost Ground Again In 2017

Connecticut’s home-building industry — still struggling to recover from the last recession — lost more ground in 2017, a new report shows, logging a double-digit, year-over-year decline in new construction.

The number of permits issued by towns and cities for single-family houses, condominiums and apartment units fell 17.4 percent in 2017, to 4,547, compared with 5,504 the previous year, according to U.S. Census data released by the state Department of Economic and Community Development.

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