Rising Prices "Denting" Affordability in California; Significant Regional Variations

Posted To: MND NewsWire

The California Association of Realtors® (C.A.R.) said today that rising home prices in the state are putting a dent in housing affordability . Fifty-six percent of homebuyers earning the median income in their local area could afford to purchase a median priced existing single-family home in their local area in the first quarter of 2012. By the first quarter of this year that percentage had dropped to 44. The affordability of condominiums and townhomes in California dropped from 65 percent in Q1 2012 to 53 percent in the most recent period. C.A.R.’s Traditional Housing Affordability Index (HAI) measures affordability on a statewide basis and also for regions and select counties within the state. C.A.R. says its Index is considered the most fundamental measure of housing well-being for home…(read more)

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