The Affordability Index for single family homes in the Norwich-New London area declined 3.4% from 2013 to 2014 according to research done by the National Association of REALTORS®. This means that houses were less affordable in 2014 than in 2013.
The color of the bubble shows the annual growth of the housing affordability index. The blue color indicates the metro areas with the highest growth while the brown color shows the metro areas with the lowest growth. The higher the growth of the housing affordability index, the more affordable the metro area is and vice versa. The housing affordability index is calculated based on the sales price of the Existing Single – Family Homes.
To learn how the Housing Affordability Index is calculated go to http://www.realtor.org/topics/housing-affordability-index/methodology
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