Home Affordability Up From Previous Quarter
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U.S. home affordability in the first quarter rose from the previous quarter but was down from the same period in 2004, an industry group said.
The National Assn. of Realtors said its housing affordability index rose to 132.9 in the first quarter of 2005, up from 131.8 in the fourth quarter but below 141.2 in the first quarter of 2004.
An index reading above 100 means a median-income family earns more than needed to buy a median-priced home.
In the first quarter, the median family income was $56,323 and the median price of a single-family home was $188,800, the group said.
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