According to the U.S. Department of Housing and Urban Development (HUD), this is the month to recognize "the critical role owning a home plays in communities across America." June is National Homeownership Month, and recently there has been a lot of good news for Americans who are looking to become homeowners.
The National Association of Home Builders (NAHB) reports that home affordability has been significantly higher in the first quarter of 2015 than in past years. The NAHB/Wells Fargo Housing Opportunity Index reveals that 66.5 percent of homes, both existing and new construction, that were sold between January and March were affordable for families earning the American median income of $65,800. This was in part due to the decline in average home price from $215,000 in the fourth quarter of 2014 to $210,000 in the first quarter of this year, and also partially due to lower average interest rates, which dropped from 4.29 percent to 4.03 percent during the same time period.