Archive for November, 2011

California housing affordability improves in Q3

The percentage of home buyers who could afford to purchase a median-priced, existing single-family home in California rose to 52 percent in the third quarter of 2011, up from 51 percent in second-quarter 2011 and was up from 46 percent in the third quarter of 2010, according to C.A.R.’s Traditional Housing Affordability Index (HAI).

Home buyers needed to earn a minimum annual income of $61,530 to qualify for the purchase of a $292,120 statewide median-priced, existing single-family home in the third quarter of 2011. The monthly payment, including taxes and insurance, would be $1,540, assuming a 20 percent down payment and an effective composite interest rate of 4.63 percent. The effective composite interest rate in second-quarter 2011 was 4.85 percent and 4.78 percent in the third quarter of 2010.

Regionally, housing affordability rose in most counties in the San Francisco Bay Area but was down in Los Angeles County and Fresno County. At 77 percent, San Bernardino County was the most affordable, while San Mateo County was the least affordable, with only 25 percent of households able to purchase the county’s median-priced home.

C.A.R. Region  Housing
Affordability
Index
 Median Home  Price  Monthly
Payment
Including
PITI  
 Minimum
Qualifying
Income
California single-family existing 52 $292,120 $1,540 $61,530
California condo/townhome 62 $228,810 $1,200 $48,190
Los Angeles Metropolitan Area 53 $275,950 $1,450 $58,120
Inland Empire 69 $172,090 $910 $36,250
San Francisco Bay Area 38 $491,920 $2,590 $103,610
United States 67 $169,500 $890 $35,700
San Francisco Bay Area
Alameda 36 $463,030 $2,440 $97,520
Contra-Costa 27 $610,970 $3,220 $128,680
Marin 25 $786,320 $4,140 $165,620
Napa 48 $340,150 $1,790 $71,640
San Francisco 26 $632,580 $3,330  $133,230
San Mateo 29 $703,000 $3,700 $148,070
Santa Clara 34 $587,500 $3,090 $123,740
Solano 75 $192,350 $1,010 $40,510
Sonoma 46 $342,230 $1,800 $72,080

C.A.R.org

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