Housing Affordability Peaks as Home Buyers Get Serious
Tampa’s real estate market continues the upward trend that 2012 produced. Buyers and the affordability of housing are getting noticed. Following 11 months of positive data from the National Association of Realtors regarding housing affordability and mortgage rates, we can expect to see more and more home buyers step into the home purchasing arena. Jobless rates continue to fall according to Trulia economist, Jed Kolko, especially for 25- 34 year olds which make up the prime age for housing demand. The national unemployment rate dipped down to 7.7% in December for the age group most ready to purchase real estate. Construction jobs also posted strong gains which not only equals more housing availability, but more people with jobs and paying taxes. Housing affordability is measured on an index which takes in account the median home price, median household income and average mortgage rates. The higher the number, the more home “purchasing power” buyers possess. We ende...