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| California's Housing Affordability Index at 18 Percent in August; Down Five Points From Year Ago |
LOS ANGELES, Oct. 14 /PRNewswire/ -- The percentage of households in
California able to afford a median-priced home stood at 18 percent in August,
a 5 percentage-point decrease compared with the same period a year ago when
the Index was at 23 percent, according to a report released today by the
California Association of REALTORS(R) (C.A.R.). The July Housing
Affordability Index (HAI) declined 1 percentage-point compared to July, when
it stood at 19 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
$474,370 in California in August was $111,180, based on an average effective
mortgage interest rate of 5.83 percent and assuming a 20 percent downpayment.
The minimum household income needed to purchase a median-priced home was
up from $93,790 in August 2003, when the median price of a home was $406,140
and the prevailing interest rate was 5.66 percent.
The minimum household income needed to purchase a median-priced home at
$190,100 in the U.S. in August 2004 was $44,550.
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 region at 11 percent.
C.A.R.'s September 2004 sales and median price report for the state and
regions within the state will be released on Oct. 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
150,000 members dedicated to the advancement of professionalism in real
estate. C.A.R. is headquartered in Los Angeles.
C.A.R. HOUSING AFFORDABILITY INDEX *
Aug-04 Jul-04 Aug-03
California 18 19 r 23 r
California - Condos 27 27 37 r
United States 54 53 56
C.A.R. REGION
Central Valley 26 26 35 r
High Desert 42 42 60
Los Angeles 17 17 24
Monterey Region 12 11 16
Northern California 20 21 28
Northern Wine Country 13 13 15
Orange County 11 11 18
Palm Sprgs/Lwr Desert 13 12 20 r
Riverside/S. Bernardino 21 19 36
Sacramento 26 26 39
San Diego 10 10 17
San Francisco Bay Area 14 14 19
San Luis Obispo 14 14 18
Santa Barbara County 14 14 13 r
Santa Clara 23 21 26
Ventura 14 14 24
COUNTY
Alameda 15 14 20
Contra Costa 10 10 11
Fresno 27 28 40
Marin 14 14 18
Merced 21 24 30
Riverside 18 17 31
San Bernardino 28 25 44
San Francisco 11 11 12
San Joaquin 19 20 29
San Mateo 15 15 18
Santa Cruz 14 13 18
Sonoma 13 13 16
Stanislaus 28 30 35
* -- 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
Statewide Aug. 04 July 04 Aug. 03
Calif. (sf) $474,370 $462,140 r $406,140 r
Calif. (condo) $370,700 $369,220 r $295,770 r
C.A.R. REGION
Central Valley $288,690 $284,200 r $232,410 r
High Desert $236,890 $234,520 $163,070
Los Angeles $455,670 $451,620 r $374,720
Monterey Region $613,120 $624,530 $513,650 r
Monterey County $555,000 $565,000 $469,900
Santa Cruz County $639,000 $635,000 $545,000
Northern California $366,050 $351,680 $293,890
Northern Wine Country $505,790 $500,450 $434,800
Orange County $649,590 $648,590 $523,600
Palm Springs/Lower Desert $326,740 $340,250 $262,120 r
Riverside/San Bernardino $310,120 $317,820 $228,560
Sacramento $329,190 $323,900 r $255,150 r
San Diego $579,040 $582,490 $444,230
San Francisco Bay $644,920 $651,150 $573,420 r
San Luis Obispo $454,720 $452,270 $390,150
Santa Barbara County $495,740 $475,470 $479,540
Santa Barbara South Coast $989,000 $1,045,000 $915,000 r
No. Santa Barbara County $446,810 $389,610 $318,460
Santa Clara $625,000 $640,000 $565,000
Ventura $626,730 $626,510 $480,410
na -- not available
r -- revised
Source: California Association of REALTORS(R)
SOURCE California Association of REALTORS(R)
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CONTACT:
Mark Giberson of California Association of
REALTORS(R), +1-213-739-8304, markg@car.org
