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| California's Housing Affordability Index Falls One Point in June; High Desert Region Most Affordable, Northern Wine Region Least Affordable In State |
LOS ANGELES, Aug. 7 /PRNewswire/ -- The percentage of households in
California able to afford a median-priced home stood at 27 percent in June, a
1 percent decrease compared to the same period a year ago when the Index was
at 28 percent, according to a report released today by the California
Association of REALTORS(R) (C.A.R.). The June Housing Affordability Index
(HAI) was unchanged from May when it also stood at 27 points.
The minimum household income needed to purchase a median-priced home at
$376,260 in California in June was $84,920, based on a typical 30-year,
fixed-rate mortgage at 5.40 percent and assuming a 20 percent downpayment.
The minimum household income needed to purchase a median-priced home was up
from $81,970 in June 2002, when the median price of a home was $324,640 and
the prevailing interest rate was 6.70 percent.
At 63 percent, the High Desert was the most affordable region in the
state, followed by Sacramento at 40 percent. The Northern Wine Region was the
least affordable region in the state at 16 percent, followed by the Monterey
region at 17 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 July 2003 sales and median price report for the state and regions
within the state will be released on Aug. 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 *
C.A.R. REGION Jun-03 May-03 Jun-02
California 27 27 28
California - Condos 40 40r 41
United States 57 59 54
Central Valley 38 38 40
High Desert 63 64 66
Los Angeles 28 28 31
Monterey Region 17 17 15
Northern California 30 32 32
Northern Wine Country 16 17 16
Orange County 22 21 22
Palm Sprgs/Lwr Desert 20 21 22
Riverside/SBernardino 38 40 43
Sacramento 40 42 44
San Diego 20 21 20
San Francisco Bay Area 19 19 17
San Luis Obispo 20 18 20
Santa Barbara County 22 21 21r
Santa Clara 26 26 20
Ventura 27 26 33
COUNTY
Alameda 20 20 17
Contra Costa 12 11 10
Fresno 43 44 46
Kern 54 56 59
Marin 18 18 16
Merced 33 32r 37
Riverside 33 35 37
San Bernardino 46 47r 51
San Francisco 12 12 12
San Joaquin 32 33 30
San Mateo 17 18r 16
Santa Cruz 18 18r 16
Sonoma 16 17 17r
Stanislaus 38 38 40
* -- 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(R)
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CONTACT:
Media, Mark Giberson of California
Association of REALTORS, +1-213-739-8304, markg@car.org
