In the third quarter of 2023, rising mortgage rates, elevated construction costs and a limited inventory of homes pushed housing affordability to its lowest level in more than a decade. Recent fourth-quarter data from NAHB reveals a continuing challenge, with only 37.7% of homes sold between October and December 2023 deemed affordable for families earning the U.S. median income of $96,300. Despite this affordability gap, new single-family home construction is on the rise, bringing more demand for doors and windows.
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