Buying a home is more affordable than ever, helped by depressed prices and record-low mortgage rates.

The National Association of Realtors trade group reported Tuesday that its Housing Affordability Index hit a record high of 205.9 in first quarter. The index, which is based on the based on the relationship between median home price, median family income and average mortgage interest rate, crossed 200 for the first time since record keeping began in 1970.