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Vermont & New Hampshire Real Estate Blog

Housing Affordability Index Hits Lowest Point in 15 Years

January 2, 2006

The National Association of Realtors reported that the Housing Affordability index has fallen to its lowest level since 1991. What this means for the average consumer (household) is that the combination of interest rate hikes, real estate appreciation, and other costs have put buying a new home out of reach for some and made it less feasible for others. At the least expensive end of the housing market, it puts some first time buyers out of contention for a purchase. This has somewhat of a domino effect in terms of making it more difficult for those who plan to move up to the next level in housing.
In Vermont, the average sale price for a residence reached $219,700 for the month of October. In October of 2004, the average sale was $183,300. For the year 2002, the average sales price was
$153,800; in 2003, $166,700, and in 2004,$186,200. Though appreciation has been high over the past few years, Vermonters should not expect this trend to continue. Though I don’t believe Vermont will experience a housing bubble" effect, appreciation rates should decline (and have in the most recent quarter). Stay tuned…

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