As home prices rise, housing affordability on the national level has inched downward, making it less affordable to purchase a home despite the lowest mortgage rates in more than a year, according to the National Association of REALTORS®’ latest housing affordability index, reflecting November 2014 data.

Take a closer look at the affordability picture in your local market at Realtor.org.

Compared to last year, affordability has fallen in two of the four regions. While the Northeast saw affordability increase 2.6 percent year-over-year, the Midwest posted a 2.8 percent decline in affordability and the South saw a 1.6 percent drop in affordability compared to November 2013 data. In the West, affordability mostly remained flat year-over-year.

The median price for a single-family home is up from year ago levels, at $206,200 in November 2014, a 5.6 percent jump from November 2013. The increases are starting to moderate, according to NAR. The Midwest saw the highest increases in home prices year-over-year with a 7.1 percent rise in November 2014 compared to November 2013. The Northeast saw the smallest year-over-year price gain at 2 percent.

Source: National Association of Realtors\' Economic Outlook Blog