Sunday, January 15, 2006
Real estate gets less affordable in California, Realtor group reports
Here's an article from the California Association of Realtors ...
Affordability rating falls 5 percent in November compared with year earlier
Friday, January 13, 2006
California Association of RealtorsThe percentage of households in California able to afford a median-priced home stood at 14 percent in November, a drop from 19 percent reported in November 2004, according to a report released this week by the California Association of Realtors trade group. Homes remained more affordable in the Riverside/San Bernardino region, where the index stood at 18 percent.CAR's monthly housing affordability index measures the percentage of households that can afford to purchase a median-priced home in California. CAR 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 $548,400 in California in November was $133,390, based on an average effective mortgage interest rate of 6.26 percent and assuming a 20 percent down payment, the trade group reported.At 24 percent, the High Desert region was the most affordable CAR region in the state, followed by the Sacramento region at 19 percent. The Northern Wine Country, San Luis Obispo and Santa Barbara regions were the least affordable in the state at 7 percent.In the Riverside/San Bernardino region, the November affordability index stood at 18 percent, down 1 percent from a year ago and equal to the index from the previous month. The numbers were similar for just Riverside County -- 17 percent in November compared with 18 percent in November 2004 and October 2005.Nationwide, the affordability index in November 2005 was 48 percent, down from 55 percent in November 2004.Median home prices fell about 2.9 percent in Santa Barbara County area in November 2005 compared with November 2004, CAR reported, from $668,750 in November 2004 to $650,000, but prices increased in all of the other areas covered in the report.The median home price in Riverside/San Bernardino, reported a few weeks ago, was $388,650 in November 2005, down slightly from the previous month, but up sharply from the $321,950 a year earlier.CAR's December 2005 sales and median price report for the state and regions within the state will be released on Jan. 25.
The California Association of Realtors is one of the largest state trade organizations in the United States, with about 185,000 members.
For a complete statistical breakdown of all California regions, click here.Labels: Corona, Foreclosure, Home Prices, Inland Empire, Loan Modification, Moreno Valley, Murrieta, Real Estate, Riverside, Short Sales, Statistics, Temecula
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