Description

Among single family homes, declining home prices (largely attributed to the mortgage crisis), and additions to the housing stock have made homeownership slightly more affordable in FY 2008, after a decade of rising home prices. In September 2008, the median sales price of an existing home was 8.8 percent less than a year prior. This was partially due to a more restrictive credit market and a drop-off of investor purchases that reduced demand for new homes.