One is the downpayment, which is usually a percentage of the sale prices, and the second is the monthly mortgage payments, which are extremely low now.
He said there are two big things that factor into housing affordability. The median home price in the city of Reno just reached half a million dollars for the first time, and real estate experts say they’re seeing record median sales of homes across Nevada.īut in a recession, they say you would normally see prices going down.ĭon Layton is the senior industry fellow at Harvard's Joint Center for Housing Studies and the former CEO of Freddie Mac, the federal program that backs mortgages.
