Housing affordability remains high despite recent reports that show home prices saw their biggest year-over-year gains in more than seven years, according to NAR’s most recent report, reflecting data from the first quarter of 2013. The NAR’s quarterly reports on median pricing are a good measure of where prices in certain markets are headed generally, but their results can sometimes overstate the magnitude of price gains.  “The supply/demand balance is clearly tilted toward sellers in a good portion of the country,” said Lawrence Yun, NAR’s chief economist, in a statement. Low mortgage rates and stabilizing incomes are keeping home affordability high and giving home buyers ample buying power. Still, credit remains tight for some buyers, especially those with damaged credit scores and those who are not able to save enough for a large down payment. Prices have also risen in large part because inventories of homes for sale have plummeted.  Low inventories in some markets have sparked bidding wars among buyers.