C.A.R. Reports California's Housing Affordability Index Falls Three Points to 16 Percent in May.LOS ANGELES Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. -- The percentage of households in California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). able to afford a median-priced home stood at 16 percent in May, a 3 percentage-point decrease compared with the same period a year ago when the Index was at 19 percent, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. a report released today by the California Association of REALTORS(R) (C.A.R.). The May Housing Affordability Index (HAI HAI Health Action International HAI Healthcare-Associated Infections HAI Helicopter Association International HAI Hospital Acquired Infection HAI Hemagglutination Inhibition (Immune assay type, microbiology) ) declined 1 percentage point from April, when it stood at 17 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 $522,590 in California in May was $122,690, based on an average effective mortgage interest rate of 5.85 percent and assuming a 20 percent downpayment. The minimum household income needed to purchase a median-priced home was up from $108,020 in May 2004, when the median price of a home was $463,320 and the prevailing interest rate was 5.77 percent. The minimum household income needed to purchase a median-priced home at $207,000 in the U.S. in May 2005 was $48,600. At 33 percent, the High Desert region was the most affordable C.A.R. region in the state, followed by the Sacramento Sacramento, city, United States Sacramento (săkrəmĕn`tō), city (1990 pop. 369,365), state capital and seat of Sacramento co., central Calif. and Riverside/San Bernardino regions at 20 percent. The Santa Barbara Santa Barbara (săn'tə bär`brə, –bərə), city (1990 pop. 85,571), seat of Santa Barbara co., S Calif., on the Pacific Ocean; inc. 1850. region was the least affordable in the state at 6 percent, followed by the Northern Wine Country region at 7 percent. C.A.R.'s June June: see month. 2005 sales and median price report for the state and regions within the state will be released on Monday Monday: see week. , July July: see month. 25. Leading the Way...(R) in California real estate for 100 years, the Years, The the seven decades of Eleanor Pargiter’s life. [Br. Lit.: Benét, 1109] See : Time California Association of REALTORS(R) (www.car.org See .org. (networking) org - The top-level domain for organisations or individuals that don't fit any other top-level domain (national, com, edu, or gov). Though many have .org domains, it was never intended to be limited to non-profit organisations. RFC 1591. ) is one of the largest state trade organizations in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , with more than 165,000 members dedicated to the advancement A gift of money or property made by a person while alive to his or her child or other legally recognized heir, the value of which the person intends to be deducted from the child's or heir's eventual share in the estate after the giver's death. of professionalism professionalism the upholding by individuals of the principles, laws, ethics and conventions of their profession. in real estate. C.A.R. is headquartered in Los Angeles.
C.A.R. HOUSING AFFORDABILITY INDEX(a)
May-05 Apr-05 May-04
California 16 17 19
California - Condos 22 23 r 28
United States 50 50 55
C.A.R. REGION
Central Valley 19 20 29
High Desert 33 34 46
Los Angeles 15 16 18
Monterey Region 10 10 12
Northern California 17 15 22
Northern Wine Country 7 8 14
Orange County 11 11 11
Palm Sprgs/Lwr Desert 10 11 11
Riverside/SBernardino 20 20 26 r
Sacramento 20 21 30
San Diego 9 10 11
San Fran. Bay Area 12 12 14
San Luis Obispo 11 11 16
Santa Barbara 6 10 7
Santa Clara 18 18 22
Ventura 13 13 15
COUNTY
Alameda 11 11 15
Contra Costa 10 10 10
Fresno 20 24 31
Marin 12 12 14
Merced 14 16 25
Riverside 18 19 20 r
San Bernardino 24 24 32 r
San Francisco 8 8 11
San Joaquin 13 14 25
San Mateo 11 10 15
Santa Cruz 11 12 14
Sonoma 7 8 14
Stanislaus 19 19 33
(a) 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
May-05 Apr-05 May-04
-------------------------------------------- ------------ ------------
Statewide
Calif. (sf) $522,590 $509,630 r $463,320 r
Calif. (condo) $420,740 $408,110 r $366,320 r
C.A.R. REGION
Central Valley $343,610 $333,650 $269,540 r
High Desert $282,510 $272,650 $214,470
Los Angeles $503,450 $484,590 r $434,790
Monterey Region $689,050 $678,000 $616,670
Monterey County $639,000 $626,000 $569,000
Santa Cruz County $757,200 $715,000 $639,000
Northern California $410,500 $417,670 $349,510
Northern Wine Country $622,660 $607,920 $488,210
Orange County $704,150 $682,200 $662,290
Palm Springs/Lower Desert $388,280 $373,830 $364,610
Riverside/San Bernardino $364,700 $362,780 $292,060
Sacramento $379,790 $369,760 $306,230 r
San Diego $608,300 $593,600 $565,030
San Francisco Bay $721,730 $723,070 $649,240
San Luis Obispo $534,440 $536,340 $422,660
Santa Barbara County $746,950 $586,540 $684,780
Santa Barbara S. Coast $1,247,500 $1,300,000 r $1,115,000 r
N. Santa Barbara County $468,520 $448,280 $378,890
Santa Clara $749,000 $750,000 $635,000
Ventura $667,130 $649,210 r $614,850
na -- not available
r -- revised
Source: California Association of REALTORS(R)
Today's release also is available on C.A.R. Online at
http://www.car.org/index.php?id=MzUyMDY.
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