C.A.R. Reports California's Housing Affordability Index Fell Three Points to 16 Percent in July; Record Lows Recorded for Los Angeles, Riverside/San Bernardino, High Desert Regions.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 July July: see month. , 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 July 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) ) was unchanged from June June: see month. , when it also stood at 16 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 $540,900 in California in July was $125,670, based on an average effective mortgage interest rate of 5.73 percent and assuming a 20 percent downpayment. The minimum household income needed to purchase a median-priced home was up from $109,170 in July 2004, when the median price of a home was $461,760 and the prevailing interest rate was 5.93 percent. The minimum household income needed to purchase a median-priced home at $218,000 in the U.S. in July 2005 was $50,650. At 30 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. region 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. and Northern Wine Country regions were the least affordable in the state at 7 percent. C.A.R.'s 2006 Housing Market Forecast will be released on Wednesday Wednesday: see week. , Sept. 21. The August 2005 sales and median price report for the state and regions within the state will be released on Monday Monday: see week. , Sept. 26. 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 170,000 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)
C.A.R. REGION Jul-05 Jun-05 Jul-04
California 16 16 19
California - Condos 22 22 27
United States 49 49 r 53
Central Valley 18 18 26
High Desert 30 32 42
Los Angeles 14 15 17
Monterey Region 9 9 11
Northern California 16 15 21
Northern Wine Country 7 7 13
Orange County 11 11 11
Palm Sprgs/Lwr Desert 11 10 12
Riverside/S. Bernardino 15 16 19
Sacramento 20 21 26
San Diego 9 9 10
San Francisco Bay Area 12 12 14
San Luis Obispo 10 10 14
Santa Barbara County 7 7 14
Santa Clara 18 18 21
Ventura 13 13 14
COUNTY
Alameda 11 11 14
Contra Costa 10 10 10
Fresno 21 20 28
Marin 11 10 14
Merced 11 11 24
Riverside 15 14 17
San Bernardino 19 20 25
San Francisco 9 9 11
San Joaquin 11 13 20
San Mateo 12 12 15
Santa Cruz 11 10 13
Sonoma 7 7 13
Stanislaus 17 18 30
(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
Jul-05 Jun-05 Jul-04
----------------------------------------------------------------------
Statewide
Calif. (sf) $540,900 $543,120 r $461,760 r
Calif. (condo) $426,320 $425,320 r $368,990 r
Region
Central Valley $356,260 $353,220 $284,050 r
High Desert $298,950 $290,510 $234,520
Los Angeles $543,890 $518,280 r $451,550 r
Monterey Region $729,250 $730,470 $624,530
Monterey County $698,000 $675,000 $565,000
Santa Cruz County $759,000 $793,000 $635,000
Northern California $418,630 $433,920 r $351,680
Northern Wine Country $639,670 $640,970 $500,450
Orange County $706,820 $702,400 $648,590
Palm Springs/Lower Desert $371,390 $393,370 $340,250
Riverside/San Bernardino $384,910 $373,860 $317,820
Sacramento $387,810 $381,990 $322,290 r
San Diego $616,050 $614,120 $582,490
San Francisco Bay $724,890 $734,610 $651,150
San Luis Obispo $559,900 $570,870 $452,270
Santa Barbara County $654,170 $704,270 $475,470
Santa Barbara South Coast $1,325,000 $1,250,000 r $1,049,000 r
North Santa Barbara County $462,690 $463,380 $389,610
Santa Clara $750,000 $760,000 $640,000
Ventura $694,690 $685,760 $626,510
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=MzU0Mzg. |
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