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| Interest Rates Keep California's Housing Affordability Index Unchanged in April Despite Rise in Median Home Price, C.A.R. Reports |
LOS ANGELES, June 12 /PRNewswire/ -- The percentage of households in
California able to afford a median-priced home was at 27 percent in April,
unchanged compared to the same period a year ago, according to a report
released today by the California Association of REALTORS(R) (C.A.R.). The
April Housing Affordability Index (HAI) decreased one percentage point from
28 percent in March 2003.
The minimum household income needed to purchase a median-priced home at
$363,930 in California in April was $84,480, based on a typical 30-year,
fixed-rate mortgage at 5.72 percent and assuming a 20 percent downpayment. The
minimum household income needed to purchase a median-priced home was up from
$81,760 in April 2002, when the median price of a home was $317,120 and the
prevailing interest rate was 6.95 percent.
At 64 percent, the High Desert was the most affordable region in the
state, followed by Sacramento at 42 percent. Santa Barbara was the least
affordable region in the state at 13 percent.
C.A.R.'s monthly housing affordability index measures the percentage of
households that can afford to purchase a median-priced home in California.
C.A.R. also reports housing affordability indexes for regions and select
counties within the state. The index is the most fundamental measure of
housing well-being in the state.
C.A.R.'s May 2003 sales and median price report for the state and regions
within the state will be released on June 25.
The California Association of REALTORS(R) (http://www.car.org) is one of
the largest state trade organizations in the United States, with more than
115,000 members dedicated to the advancement of professionalism in real
estate. C.A.R. is headquartered in Los Angeles.
CALIFORNIA HOUSING AFFORDABILITY INDEX *
Apr-03 Mar-03 Apr-02
California 27 28 27
California - Condos 41 41 41
United States 59 59 56
C.A.R. REGION
Central Valley 39 39 r 42
High Desert 64 65 67
Los Angeles 29 31 31
Monterey 16 18 17
Northern California 31 32 35
Northern Wine Country 17 19 17
Orange County 21 22 23
Palm Sprgs/Lwr Desert 19 19 20
Riverside/SBernardino 39 41 45
Sacramento 42 43 46
San Diego 22 21 22
San Francisco Bay Area 19 19 17
San Luis Obispo 17 19 21
Santa Barbara 13 21 10 r
Santa Clara 26 25 21
Ventura n.a. n.a. 32
COUNTY
Alameda 20 19 17
Contra Costa 10 12 11
Fresno 44 44 52
Kern 57 55 61
Marin 17 17 14
Merced 33 36 40
Riverside 33 34 36
San Bernardino 49 49 53
San Francisco 11 12 13
San Joaquin 32 34 34
San Mateo 18 17 15
Santa Cruz 16 17 16
Sonoma 18 20 17
Stanislaus 38 41 42
* -- percentage of California households that can afford to purchase a
median-priced home
r - revised Source: California Association of REALTORS(R)
SOURCE California Association of REALTORS
back to topRelated links:
CONTACT:
Mark Giberson of California Association of
REALTORS, +1-213-739-8304, markg@car.org
