The 4th quarter of 2010 marked the most affordable time period for buying a home in the Bend region since the area was first included as a Metropolitan Statistical Area (MSA) at the beginning of 2006, according to an index released quarterly by the National Association of Home Builders and Wells Fargo.
The Housing Opportunity Index (HOI) showed that 78.2% of new and existing houses sold in the Bend area in the last quarter of 2010 were affordable to families earning the median income of $63,200. It marked just the third time (and 3rd straight quarter) that the index was above 70%.
Prior to the first quarter of 2009, the affordability index had never reached higher that 40.1% locally, and hit an all time low of 14.7% in Q1 2007, when the median sale price was $310,000, according to data from the association.
The Bend area was ranked the 133 most affordable MSA in the 4th quarter, out of 223 nationally. This is by far the highest ranking for our area since being designated as a MSA in 2006. To put this in perspective, we were ranked 199, 209, 211 and 207 in 2008, and never higher than 140, way back in the first quarter of 2006.
With interest rates on mortgage loans trending upward, now really is a fantastic time to buy a home. Call me today to get started!
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