Alaska’s housing prices and other housing market indicators show no major signs of weakness in the first half of 2015 despite low oil prices and state budget challenges.
A report by the Alaska Department of Labor and Workforce Development shows the average sales price for a single-family home increased since the first half of 2014 however housing affordability improved during that period.
Wages rose 3.5 percent statewide, topping the 1.1 percent increase in inflation for the state. Average mortgage interest rates dropped a little over half a percentage point also.
The department found that historically low interest rates have made purchasing homes in Alaska more affordable in the last several years.
Another finding shows the state’s foreclosure rates are low compared to the U.S. average since 2003.
Alaskan foreclosure rates are roughly one third of the national rate and both continue to decline as the economy recovers from the flooded housing market and national recession.
Click here for that full report on Alaska’s housing markets.