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| California's Housing Affordability Index Falls Nine Points in June to Lowest Level Since November 1989 |
LOS ANGELES, Aug. 18 /PRNewswire/ -- The percentage of households in
California able to afford a median-priced home stood at 18 percent in June, a
9 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 June Housing
Affordability Index (HAI) declined one point compared to May, when it stood at
19 points.
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
$469,170 in California in June was $111,690, based on an average effective
mortgage interest rate of 6.01 percent and assuming a 20 percent downpayment.
The minimum household income needed to purchase a median-priced home was up
from $84,530 in June 2003, when the median price of a home was $374,540 and
the prevailing interest rate was 5.40 percent.
The minimum household income needed to purchase a median-priced home at
$191,800 in the U.S. in June 2004 was $45,660.
At 43 percent, the High Desert region was the most affordable C.A.R.
region in the state, followed by the Sacramento region at 26 percent. The
Santa Barbara and San Diego regions were the least affordable region in the
state at 10 percent.
C.A.R.'s July 2004 sales and median price report for the state and regions
within the state will be released on August 24. The Association's second
quarter 2004 sales and median price report will be released on August 19.
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 *
Jun-04 May-04 Jun-03
California 18 19 27
California - Condos 26 28 39 r
United States 52 55 57
Central Valley 27 29 r 37 r
High Desert 43 46 63
Los Angeles 17 18 29 r
Monterey Region 11 12 17
Northern California 21 22 31 r
Northern Wine Country 13 14 16
Orange County 11 11 22
Palm Sprgs/Lwr. Desert 12 11 22 r
Riverside/S. Bernardino 21 25 37 r
Sacramento 26 30 r 41
San Diego 10 11 20
San Francisco Bay Area 14 14 19
San Luis Obispo 14 16 20
Santa Barbara County 10 7 21 r
Santa Clara 21 22 26
Ventura 13 15 27
COUNTY
Alameda 14 15 r 20
Contra Costa 10 10 12
Fresno 29 31 43
Marin 13 14 18
Merced 23 25 33
Riverside 17 18 33
San Bernardino 29 31 46
San Francisco 10 11 13 r
San Joaquin 22 25 32
San Mateo 14 15 17
Santa Cruz 16 14 17 r
Sonoma 13 14 16
Stanislaus 30 33 39 r
* -- percentage of California households that can afford to purchase a
median-priced home
r -- revised
Source: California Association of REALTORS(R)
Median Prices By Region - Current Month vs. Year Ago
Jun-04 May-04 Jun-03
Statewide
Calif. (sf) $469,170 $463,690 r $374,540 r
Calif. (condo) $375,260 $366,560 r $288,490 r
C.A.R. REGION
Central Valley $279,100 $269,500 r $226,960 r
High Desert $225,260 $214,470 $153,840
Los Angeles $445,140 $434,790 $338,360 r
Monterey Region $621,920 $616,670 $495,830
Monterey County $575,000 $569,000 $421,000
Santa Cruz County $599,500 $639,000 $550,000
Northern California $347,980 $349,510 $285,950 r
Northern Wine Country $500,840 $488,210 $433,980
Orange County $657,930 $662,290 $479,410
Palm Springs/Lwr. Desert $346,700 $364,610 $257,140 r
Riverside/S. Bernardino $304,810 $292,060 $222,340
Sacramento $321,480 $306,870 r $251,910 r
San Diego $580,670 $565,030 $419,320
San Francisco Bay $655,990 $649,240 $572,870
San Luis Obispo $436,150 $422,660 $377,540
Santa Barbara County $572,370 $684,780 $389,530
S. Barbara South Coast $1,095,000 $1,100,000 r $822,500
N. Santa Barbara County $386,440 $378,890 $293,530
Santa Clara $642,000 $635,000 $565,000
Ventura $625,000 $614,850 $455,420
na -- not available
r -- revised
Source: California Association of REALTORS(R)
SOURCE California Association of REALTORS
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CONTACT:
Mark Giberson of California Association of
REALTORS, +1-213-739-8304, markg@car.org
