New and existing homes sold between the beginning of October and end of December were affordable to 64.7 percent of families earning the U.S. median income of $64,400, effectively the same as the 64.5 percent affordability rate in the third quarter, according to the National Association of Home Builders' Housing Opportunity Index. The national median home price dipped from $211,000 in the third quarter to $205,000 in the fourth quarter, while average mortgage interest rates rose from 4.45 percent to 4.54 percent in the same period.

Housing affordability held steady in the fourth quarter of 2013 due to slightly lower median home prices and a small uptick in mortgage rates, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI), released February 20.

"Housing affordability is stabilizing at a time when pent-up demand and ongoing job growth are helping housing markets across the nation to gradually strengthen," said NAHB chairman Kevin Kelly. "While this bodes well for housing in 2014, builders continue to face challenges, including tight credit for home buyers, inaccurate appraisals, and a shortage of workers and buildable lots."

For a fifth consecutive quarter, San Francisco-San Mateo-Redwood City, Calif. held the lowest spot among major markets on the affordability chart. There, just 14.1 percent of homes sold in the fourth quarter were affordable to families earning the area's median income of $101,200. Other major metros at the bottom of the affordability chart included Santa Ana-Anaheim-Irvine, Calif.; Los Angeles-Long Beach-Glendale, Calif.; New York-White Plains-Wayne, N.Y.-N.J.; and San Jose-Sunnyvale-Santa Clara, Calif.; in descending order. All of the five least affordable small housing markets were in California.

Youngstown-Warren-Boardman, Ohio-Pa., was the nation's most affordable major housing market, as 89.4 percent of all homes sold in the fourth quarter were affordable to families earning the areas' median incomes of $53,900. Other major U.S. housing markets at the top of the affordability chart in the fourth quarter included Harrisburg-Carlisle, Pa.; Syracuse, N.Y.; Buffalo-Niagara Falls, N.Y.; and Scranton-Wilkes-Barre, Pa.; in descending order.

Kokomo, Ind., claimed the title of most affordable smaller market, as 96.3 percent of homes sold in the fourth quarter were affordable to those earning the median income of $60,100. Smaller markets joining Kokomo at the top of the affordability chart included Springfield, Ohio; Monroe, Mich.; Vineland-Millville-Bridgeton, N.J.; and Cumberland, Md.-W.Va.