At the peak of the housing boom in 2006, the affordability index in Phoenix was 75, which means that a household earning the median income had only 75 percent of the income needed to buy a median-priced house.
In the third quarter of this year, the affordability index in Phoenix had climbed to 126, which means that a family with a median income now has 126 percent of the income needed to buy a median priced home.
While affordability is obviously positive for buyers, it also is good news for the market generally because it can lead to more sales and stronger prices.
I will post more very soon.