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| California's Housing Affordability Index at 19 Percent in October; Down Six Points From Year Ago |
LOS ANGELES, Dec. 9 /PRNewswire/ -- The percentage of households in
California able to afford a median-priced home stood at 19 percent in October,
a 6 percentage-point decrease compared with the same period a year ago when
the Index was at 25 percent, according to a report released today by the
California Association of REALTORS(R) (C.A.R.). The October Housing
Affordability Index (HAI) was unchanged from September, when it also 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
$460,370 in California in October was $106,680, 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 $88,860 in October 2003, when the median price of a home was $379,120 and
the prevailing interest rate was 5.83 percent.
The minimum household income needed to purchase a median-priced home at
$187,000 in the U.S. in October 2004 was $43,330.
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 9 percent,
followed by the Monterey region at 11 percent.
C.A.R.'s November 2004 sales and median price report for the state and
regions within the state will be released on Dec. 22.
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
155,000 members dedicated to the advancement of professionalism in real
estate. C.A.R. is headquartered in Los Angeles.
C.A.R. HOUSING AFFORDABILITY INDEX *
Oct-04 Sep-04 Oct-03
California 19 19 25
California -- Condos 28 28 36 r
United States 55 55 57
C.A.R. REGION
Central Valley 26 26 35
High Desert 42 42 58
Los Angeles 17 17 24
Monterey Region 11 12 17
Northern California 21 20 27
Northern Wine Country 13 13 16
Orange County 13 13 18
Palm Sprgs/Lwr Desert 13 13 20 r
Riverside/S. Bernardino 20 22 33
Sacramento 25 25 38
San Diego 12 11 16
San Francisco Bay Area 14 15 19
San Luis Obispo 14 13 18
Santa Barbara County 9 6 19 r
Santa Clara 23 23 26
Ventura 18 16 25
COUNTY
Alameda 14 15 20
Contra Costa 10 10 12
Fresno 27 27 41
Marin 16 15 19
Merced 19 22 27
Riverside 18 18 29
San Bernardino 26 28 39
San Francisco 11 12 12
San Joaquin 18 18 28
San Mateo 16 16 18
Santa Cruz 13 14 18
Sonoma 13 13 17 r
Stanislaus 27 29 36
* -- 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
Oct-04 Sep-04 Oct-03
Statewide
Calif. (sf) $460,370 $463,620 r $379,120 r
Calif. (condo) $373,310 $369,380 r $296,040 r
C.A.R. REGION
Central Valley $295,640 $294,330 r $231,730 r
High Desert $239,400 $238,340 $168,720
Los Angeles $458,170 $458,590 r $369,370 r
Monterey Region $631,810 $628,660 $491,060
Monterey County $578,000 $575,000 $450,000
Santa Cruz County $660,000 $645,000 $544,000
Northern California $369,060 $374,810 $298,160
Northern Wine Country $520,980 $505,290 $429,120
Orange County $622,090 $633,340 $520,180
Palm Springs/
Lower Desert $342,310 $341,460 $255,590 r
Riverside/
San Bernardino $317,990 $306,180 $238,820
Sacramento $339,720 $335,280 r $257,440 r
San Diego $566,740 $573,080 $449,340
San Francisco Bay $652,350 $642,360 $566,870
San Luis Obispo $465,560 $483,900 $388,750
Santa Barbara County $609,850 $756,250 $397,580 r
Santa Barbara
South Coast $1,053,750 $949,000 $875,000
North Santa
Barbara County $432,000 $432,650 $314,520
Santa Clara $636,000 $630,000 $563,000
Ventura $584,950 $613,200 $470,510
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
