Home affordability declined 3.76% in May, according to the National Association of Realtors, as the NAR’s Housing Affordability Index dropped to a reading of 97.2 from 101.0 in April and 103.4 in March. However, the index was up 5.31% from a year earlier. The median price for an existing single-family home rose to $427,800 in May and long-term interest rates averaged up around 6.90% while the median family income fell almost $600 from April. By region, the Northeast saw the biggest monthly decline in affordability with a 6.41% decrease, but the West remains the least affordable area with an index reading of just 69.3.