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| California's Housing Affordability Index at 18 Percent in July; Unchanged From Previous Month, Down Nine Points From Year Ago |
LOS ANGELES, Sept. 9 /PRNewswire/ -- The percentage of households in
California able to afford a median-priced home stood at 18 percent in July, 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 July Housing
Affordability Index (HAI) was unchanged compared to June, when it also stood
at 18 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.
The minimum household income needed to purchase a median-priced home at
$463,540 in California in July was $109,590, based on an average effective
mortgage interest rate of 5.93 percent and assuming a 20 percent downpayment.
The minimum household income needed to purchase a median-priced home was up
from $86,120 in July 2003, when the median price of a home was $381,940 and
the prevailing interest rate was 5.39 percent.
The minimum household income needed to purchase a median-priced home at
$191,300 in the U.S. in July 2004 was $45,230.
At 42 percent, the High Desert region was the most affordable C.A.R.
region in the state, followed by the Sacramento and Central Valley regions at
26 percent. The San Diego region was the least affordable in the state at
10 percent, followed by the Orange County and Monterey regions at 11 percent.
C.A.R.'s August 2004 sales and median price report for the state and
regions within the state will be released on Sept. 24.
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
140,000 members dedicated to the advancement of professionalism in real
estate. C.A.R. is headquartered in Los Angeles.
C.A.R. HOUSING AFFORDABILITY INDEX *
C.A.R. REGION Jul-04 Jun-04 Jul-03
California 18 18 27r
California -- Condos 27 26 39r
United States 53 53r 57r
Central Valley 26 27 37
High Desert 42 43 63
Los Angeles 17 17 27r
Monterey Region 11 11 17r
Northern California 21 21 30
Northern Wine Country 13 13 17
Orange County 11 11 21
Palm Sprgs/Lwr Desert 12 12 24r
Riverside/SBernardino 19 21 36
Sacramento 26 26 42
San Diego 10 10 19
San Francisco Bay Area 14 14 20r
San Luis Obispo 14 14 19
Santa Barbara County 14 10 12r
Santa Clara 21 21 28
Ventura 14 13 27
COUNTY
Alameda 14 14 20
Contra Costa 10 10 13
Fresno 28 29 42
Marin 14 13 18
Merced 24 23 33
Riverside 17 17 33
San Bernardino 25 28r 45
San Francisco 11 10 12
San Joaquin 20 22 31
San Mateo 15 14 18
Santa Cruz 13 16 19
Sonoma 13 13 17
Stanislaus 30 30 37
* -- 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
Jul-04 Jun-04 Jul-03
Statewide
Calif. (sf) $463,540 $468,620r $381,940r
Calif. (condo) $369,670 $375,100r $289,160r
C.A.R. REGION
Central Valley $283,650 $279,490r $230,200r
High Desert $234,520 $225,260 $156,740
Los Angeles $448,800 $445,140 $356,730r
Monterey Region $624,530 $621,920 $502,840r
Monterey County $565,000 $575,000 $445,000
Santa Cruz County $635,000 $599,500 $540,000
Northern California $351,680 $347,980 $291,280r
Northern Wine Country $500,450 $500,840 $431,060
Orange County $648,590 $657,930 $496,370
Palm Springs/Lower Desert $340,250 $346,700 $243,940r
Riverside/San Bernardino $317,820 $304,810 $231,300
Sacramento $325,060 $321,010r $247,410r
San Diego $582,490 $580,670 $430,470
San Francisco Bay $651,150 $655,990 $563,140r
San Luis Obispo $452,270 $446,530r $391,360
Santa Barbara County $475,470 $572,370 $510,200r
Santa Barbara South Coast $1,045,000 $1,095,000 $822,000
No. Santa Barbara County $389,610 $386,440 $318,750
Santa Clara $640,000 $642,000 $550,000
Ventura $626,510 $625,000 $458,600
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
