C.A.R. news release: 2nd quarter housing affordability
Higher housing prices and tight inventory drag down California housing affordability; income required to buy doubles in five years, C.A.R. reports
• Twenty-nine percent of California households could afford to purchase the $553,260 median-priced home in the second quarter of 2017, down from 32 percent in first-quarter 2017 and down from 31 percent in second-quarter 2016.
• A minimum annual income of $110,890 was needed to make monthly payments of $2,770, including principal, interest, and taxes on a 30-year fixed-rate mortgage at a 4.09 percent interest rate.
• Thirty-eight percent of home buyers were able to purchase the $443,400 median-priced condo or townhome. An annual income of $88,870 was required to make a monthly payment of $2,220.
LOS ANGELES (Aug. 9) – Higher home prices resulting from a severe lack of homes for sale and high demand during the hot home-buying season eroded California’s housing affordability in the second quarter, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) said today.
The percentage of home buyers who could afford to purchase a median-priced, existing single-family home in California in second-quarter 2017 fell to 29 percent, down from 32 percent in the first quarter of 2017 and down from 31 percent in the second quarter a year ago, according to C.A.R.’s Traditional Housing Affordability Index (HAI). This is the 17th consecutive quarter that the index has been below 40 percent and the lowest since third-quarter 2015. California’s housing affordability index hit a peak of 56 percent in the first quarter of 2012.
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