Rising interest rates and higher home prices...

Rising interest rates and higher home prices made it tougher for the average American to afford a house in May than in April, the National Assn. of Realtors said. In May, mortgage rates rose to 9.23% from 9.21% in April, while the median home price increased $1,300 to $88,600, the association said in its monthly housing affordability report. The group uses a composite mortgage rate calculated by the Federal Home Loan Bank Board. The association said its housing affordability index, a measure of home buyers’ income versus housing prices and mortgage rates, showed that a family earning the median income of $31,810 a year could more than afford the cost of a median-priced home.