Texas homes are more affordable than they were this summer but not by much. This summer, the THAI was 1.18. Last year, it was significantly higher at 1.33.
Experts blame the decline on higher interest rates combined with higher prices.
Home mortgage interest rates are lower this quarter, averaging 8.03 percent, but are still one-half percentage point higher than a year ago. These areas had a THAI of 1.60 or more, meaning that their median household incomes are at least 60 percent higher than the minimum needed to buy a median-priced home. Current economic conditions indicate that fewer first-time homebuyers will be entering the market. On Tuesday, the Department of Housing and Urban Development released revised documents, which will allow approved lenders to start taking applications. Texas voters approved reverse mortgages last November.