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| California's Housing Affordability Index at 19 Percent in September; Down Five Points From Year Ago |
LOS ANGELES, Nov. 11 /PRNewswire/ -- The percentage of households in
California able to afford a median-priced home stood at 19 percent in
September, a 5 percentage-point decrease compared with the same period a year
ago when the Index was at 24 percent, according to a report released today by
the California Association of REALTORS(R) (C.A.R.). The September Housing
Affordability Index (HAI) increased 1 percentage-point compared to August,
when it 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
$465,540 in California in September was $107,880, based on an average
effective mortgage interest rate of 5.70 percent and assuming a 20 percent
downpayment. The minimum household income needed to purchase a median-priced
home was up from $91,030 in September 2003, when the median price of a home
was $384,690 and the prevailing interest rate was 5.94 percent.
The minimum household income needed to purchase a median-priced home at
$186,600 in the U.S. in September 2004 was $43,240.
At 42 percent, the High Desert region was the most affordable C.A.R.
region in the state, followed by the Central Valley region at 26 percent. The
Santa Barbara region was the least affordable in the state at 6 percent,
followed by the San Diego region at 11 percent.
C.A.R.'s October 2004 sales and median price report for the state and
regions within the state will be released on Sept. 23.
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 *
Sep-04 Aug-04 Sep-03
California 19 18 24
California - Condos 28 27 35
United States 55 54 56
C.A.R. REGION
Central Valley 26 26 34
High Desert 42 42 57
Los Angeles 17 17 24
Monterey Region 12 12 15
Northern
California 20 20 26
Northern Wine Country 13 13 15
Orange County 13 11 18
Palm Sprgs/Lwr Desert 13 13 21
Riverside/SBernardino 22 21 35
Sacramento 25 26 38
San Diego 11 10 17
San Francisco Bay Area 15 14 19
San Luis Obispo 13 14 20
Santa Barbara County 6 14 14
Santa Clara 23 23 26
Ventura 16 14 22
COUNTY
Alameda 15 15 19
Contra Costa 10 10 10
Fresno 27 27 41
Marin 15 14 18
Merced 22 21 31
Riverside 18 18 32
San Bernardino 28 28 42
San Francisco 12 11 12
San Joaquin 18 19 29
San Mateo 16 15 18
Santa Cruz 14 14 17
Sonoma 13 13 16
Stanislaus 29 28 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
Sep-04 Aug-04 Sep-03
Statewide
Calif. (sf) $465,540 $473,360 r $384,690 r
Calif. (condo) $369,830 $370,860 r $301,410 r
C.A.R. REGION
Central Valley $293,770 $289,360 r $231,950 r
High Desert $238,340 $236,890 $169,280
Los Angeles $459,660 $455,590 r $369,740
Monterey Region $628,660 $613,120 $511,940
Monterey County $575,000 $555,000 $463,750
Santa Cruz County $645,000 $639,000 $545,000
Northern California $374,810 $366,050 $299,860
Northern Wine Country $505,290 $505,790 $438,200
Orange County $633,340 $649,590 $515,110
Palm Spgs/Lower Desert $341,460 $326,740 $245,790 r
Riverside/San Bernardino $306,180 $310,120 $226,730
Sacramento $337,520 $328,410 r $256,160 r
San Diego $573,080 $579,040 $433,820
San Francisco Bay $642,360 $644,920 $564,270
San Luis Obispo $483,900 $454,720 $370,940
Santa Barbara County $756,250 $495,740 $450,000 r
S. Barbara South Coast $949,000 $1,010,000 r $950,000 r
N. Santa Barbara County $432,650 $411,700 r $339,230
Santa Clara $630,000 $625,000 $558,000
Ventura $613,200 $626,730 $494,470
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
