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| California's Housing Affordability Index Falls Eight Points in May to Lowest Level Since 1989 |
| CALIFORNIA'S HOUSING AFFORDABILITY INDEX
California's Housing Affordability Index falls eight points in May to lowest level since 1989. (PRNewsFoto)[RV] LOS ANGELES, CA USA | |||
LOS ANGELES, July 8 /PRNewswire/ -- The percentage of households in
California able to afford a median-priced home stood at 19 percent in May, an
8 percentage-point decrease compared to the same period a year ago when the
Index was at 27 percent, according to a report released today by the
California Association of REALTORS(R) (C.A.R.). The May Housing Affordability
Index (HAI) declined one point compared to April, when it stood at 20 points.
(Photo: http://www.newscom.com/cgi-bin/prnh/20040708/LATH015 )
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.
The minimum household income needed to purchase a median-priced home at
$465,160 in California in May was $108,450, based on a typical 30-year,
fixed-rate mortgage at 5.77 percent and assuming a 20 percent downpayment.
The minimum household income needed to purchase a median-priced home was up
from $84,600 in May 2003, when the median price of a home was $367,630 and the
prevailing interest rate was 5.62 percent.
The minimum household income needed to purchase a median-priced home at
$183,600 in the U.S. in May 2004 was $42,810.
At 46 percent, the High Desert region was the most affordable C.A.R.
region in the state, followed by the Sacramento region at 29 percent. The
Santa Barbara region was the least affordable region in the state at
7 percent.
C.A.R.'s June 2004 sales and median price report for the state and regions
within the state will be released on July 26.
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
135,000 members dedicated to the advancement of professionalism in real
estate. C.A.R. is headquartered in Los Angeles.
C.A.R. HOUSING AFFORDABILITY INDEX *
May-04 Apr-04 May-03
California 19 20 27
California - Condos 28 31 39r
United States 55 58 59
C.A.R. REGION
Central Valley 30 32 38
High Desert 46 52 64
Los Angeles 18 20 28
Monterey Region 12 12 17
Northern California 22 24r 32
Northern Wine Country 14 14 17
Orange County 11 13 21
Palm Sprigs/Lower Desert 11 13 23r
Riverside/San Bernardino 25 27 40
Sacramento 29 33 42
San Diego 11 14 21
San Francisco Bay Area 14 17 19
San Luis Obispo 16 20 18
Santa Barbara County 7 13 19r
Santa Clara 22 24 26
Ventura 15 17 26
COUNTY
Alameda 16 18 20
Contra Costa 10 11 11
Fresno 31 34 44
Marin 14 16 18
Merced 25 30 31r
Riverside 18 20 35
San Bernardino 31 34 47
San Francisco 11 12 12
San Joaquin 25 28 33
San Mateo 15 17 17r
Santa Cruz 14 15 17r
Sonoma 14 15 17
Stanislaus 33 35 38
* -- percentage of California households that can afford to purchase a
median-priced home
r - revised
Median Prices By Region -- Current Month vs. Year Ago
May-04 Apr-04 May-03
Statewide
Calif. (sf) $465,160 $452,270r $367,630r
Calif. (condo) $366,770 $351,530r $282,580r
C.A.R. REGION
Central Valley $268,970 $261,680r $220,600r
High Desert $214,470 $197,720 $146,990
Los Angeles $434,790 $423,480 $336,430r
Monterey Region $616,670 $611,230 $482,380
Monterey County $569,000 $555,000 $415,000
Santa Cruz County $639,000 $620,000 $535,000
Northern California $349,510 $339,570r $272,900
Northern Wine Country $488,210 $488,700 $419,550
Orange County $662,290 $645,590 $470,690
Palm Springs/Lower Desert $364,610 $349,390 $243,680r
Riverside/San Bernardino $292,060 $287,200 $207,450
Sacramento $308,380 $296,560r $241,460r
San Diego $565,030 $527,320 $408,480
San Francisco Bay $649,240 $634,830 $552,130
San Luis Obispo $422,660 $398,790 $378,120
Santa Barbara County $684,780 $512,200 $400,000r
Santa Barbara South Coast $1,115,000 $985,000r $885,000
N. Santa Barbara County $378,890 $360,600r $310,870
Santa Clara $635,000 $618,000 $545,000
Ventura $614,850 $613,360 $457,140
na -- not available
r -- revised
SOURCE California Association of REALTORS
back to topRelated links:
Photo Notes:
NewsCom:
http://www.newscom.com/cgi-bin/prnh/20040708/LATH015 AP
PhotoExpress Network: PRN2 PRN Photo Desk,
photodesk@prnewswire.com
CONTACT:
Mark Giberson of California Association of
REALTORS, +1-213-739-8304, markg@car.org
