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| California's Housing Affordability Index falls four points in September |
LOS ANGELES, Nov. 6 /PRNewswire/ -- The percentage of households in
California able to afford a median-priced home stood at 25 percent in
September, a 4 percentage-point decrease compared to the same period a year
ago when the Index was at 29 percent, according to a report released today by
the California Association of REALTORS(R) (C.A.R.). The September Housing
Affordability Index (HAI) increased by 1 percentage point from August when it
stood at a revised 24 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
$380,040 in California in September was $89,930, based on a typical 30-year,
fixed-rate mortgage at 5.94 percent and assuming a 20 percent downpayment. The
minimum household income needed to purchase a median-priced home was up from
$78,630 in September 2002, when the median price of a home was $322,450 and
the prevailing interest rate was 6.29 percent. The minimum household income
needed to purchase a median-priced home at $172,300 in the U.S. in September
was $40,770.
At 57 percent, the High Desert Region was the most affordable region in
the state, followed by the Sacramento Region at 38 percent. The Santa Barbara
and Northern Wine Country Regions were the least affordable regions in the
state at 15 percent.
C.A.R.'s third quarter sales and median price report for the state and
regions within the state will be released on Oct. 13; the October 2003 sales
and median price report will be released on Nov. 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
130,000 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 Sep-03 Aug-03 Sep-02
California 25 24r 29
California - Condos 36 38 42r
United States 56 56 58
Central Valley 35 36 39
High Desert 57 60 65
Los Angeles 24 24 31
Monterey Region n.a. 16r 19
Northern California 26 28r 34
Northern Wine Country 15 15 21
Orange County 18 18 24
Palm Sprgs/Lwr Desert 20 19 28
Riverside/SBernardino 35 36r 46
Sacramento 38 39 42
San Diego 17 17 20
San Francisco Bay Area n.a. 19r 22
San Luis Obispo 20 18 24
Santa Barbara County 15 14 22r
Santa Clara n.a. 26 28
Ventura 22 24 30
COUNTY
Alameda 19 20 20
Contra Costa 10 11 12
Fresno 41 40 47
Marin 18 18 18
Merced 31 30 35
Riverside 32 31 41
San Bernardino 42 44 50
San Francisco 12 12 14
San Joaquin 29 29 31
San Mateo n.a. 18 18
Santa Cruz n.a. 18 17
Sonoma 16 16 20
Stanislaus 35 35 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(R), +1-213-739-8304, markg@car.org
