The housing affordability index (HAI) basically measures whether a typical family can qualify for a mortgage loan on a typical home at the prevailing interest rate with a 20% down payment.
Painting is a low cost way to dramatically spruce up a room, and most people can do it themselves without much trouble.
This video from Sherwin-Williams gives some good advice for homeowners looking to improve their living spaces and reflect their personality and lifestyle throughout the home. Do keep in mind, however, that when you are preparing your home to sell, the opposite is the rule. You want to de-personalize your home as much as possible. Color is still important, but keeping it 'neutral' will attract more buyers.
The decrease in home sales seems to directly correlate to the new mortgage rate climate, as home buying volume was down 15% between January and April of this year.