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For release:
November 12, 2020
Higher home prices driven by dearth of inventory depresses California housing affordability
in third-quarter 2020, C.A.R. reports
LOS ANGELES (Nov. 12) – Double-digit home price increases fueled by a shortage of homes for sale pushed California’s third quarter housing affordability to its lowest level in nearly two years, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) https://www.car.org/ said today.
The percentage of home buyers who could afford to purchase a median-priced, existing single-family home in California in third-quarter 2020 fell to 28 percent from 33 percent in the second quarter of 2020 and was down from 31 percent in the third quarter a year ago, according to C.A.R.’s Traditional Housing Affordability Index. The third-quarter 2020 figure was the lowest since the fourth quarter of 2018. California’s housing affordability index hit a peak of 56 percent in the third quarter of 2012.
C.A.R.’s Housing Affordability Index (HAI) measures the percentage of all households that can afford to purchase a median-priced, single-family home in California. C.A.R. also reports affordability indices for regions and select counties within the state. The index is considered the most fundamental measure of housing well-being for home buyers in the state.
A minimum annual income of $127,200 was needed to qualify for the purchase of a $693,680 statewide median-priced, existing single-family home in the third quarter of 2020. The monthly payment, including taxes and insurance on a 30-year, fixed-rate loan, would be $3,180, assuming a 20 percent down payment and an effective composite interest rate of 3.15 percent. The effective composite interest rate was 3.43 percent in second-quarter 2020 and 3.85 percent in third-quarter 2019.
Housing affordability for condominiums and townhomes also dropped from second-quarter 2020, with two in five (42 percent) California households earning the minimum income to qualify for the purchase of a $512,000 median-priced condominium/townhome. An annual income of $94,000 was required to make monthly payments of $2,350. Forty-three percent of households could afford to buy a median-priced condominium/townhome a year ago.
Compared with California, more than half of the nation’s households (55 percent) could afford to purchase a $313,500 median-priced home, which required a minimum annual income of $57,600 to make monthly payments of $1,440.
Multimedia/Historical data:
Key points from the third-quarter 2020 Housing Affordability report include:
A 2.6 percent decline in San Francisco County’s median home price during third-quarter 2020 and lower interest rates contributed to the improvement in affordability from both the previous quarter and year.
Leading the way…® in California real estate for more than 110 years, the CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org) is one of the largest state trade organizations in the United States with more than 200,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.
# # #
CALIFORNIA ASSOCIATION OF REALTORS®
Traditional Housing Affordability Index
Third quarter 2020
STATE/REGION/COUNTY |
3rd Qtr. 2020 |
2nd Qtr. 2020 |
|
3rd Qtr. 2019 |
|
Median Home Price |
Monthly Payment Including Taxes & Insurance |
Minimum Qualifying Income |
Calif. Single-family home |
28 |
33 |
|
31 |
|
$693,680 |
$3,180 |
$127,200 |
Calif. Condo/Townhome |
42 |
44 |
|
43 |
|
$512,000 |
$2,350 |
$94,000 |
Los Angeles Metro Area |
31 |
36 |
|
33 |
|
$610,000 |
$2,800 |
$112,000 |
Inland Empire |
42 |
46 |
|
44 |
|
$435,000 |
$2,000 |
$80,000 |
San Francisco Bay Area |
26 |
28 |
|
29 |
|
$1,057,500 |
$4,850 |
$194,000 |
United States |
55 |
57 |
|
56 |
|
$313,500 |
$1,440 |
$57,600 |
|
|
|
|
|
|
|
|
|
San Francisco Bay Area |
|
|
|
|
|
|
|
|
Alameda |
24 |
26 |
|
26 |
|
$1,034,500 |
$4,750 |
$190,000 |
Contra Costa |
34 |
37 |
|
39 |
|
$790,000 |
$3,620 |
$144,800 |
Marin |
22 |
22 |
|
22 |
|
$1,540,000 |
$7,060 |
$282,400 |
Napa |
27 |
33 |
|
29 |
|
$825,000 |
$3,780 |
$151,200 |
San Francisco |
20 |
19 |
|
18 |
|
$1,665,000 |
$7,640 |
$305,600 |
San Mateo |
19 |
19 |
|
20 |
|
$1,765,000 |
$8,100 |
$324,000 |
Santa Clara |
22 |
22 |
|
22 |
|
$1,400,000 |
$6,420 |
$256,800 |
Solano |
45 |
46 |
|
47 |
|
$500,000 |
$2,290 |
$91,600 |
Sonoma |
29 |
31 |
|
28 |
|
$715,000 |
$3,280 |
$131,200 |
Southern California |
|
|
|
|
|
|
|
|
Los Angeles |
23 |
32 |
|
25 |
|
$708,870 |
$3,250 |
$130,000 |
Orange |
23 |
25 |
|
25 |
|
$910,000 |
$4,170 |
$166,800 |
Riverside |
40 |
43 |
|
41 |
|
$475,000 |
$2,180 |
$87,200 |
San Bernardino |
51 |
54 |
|
51 |
|
$350,500 |
$1,610 |
$64,400 |
San Diego |
27 |
30 |
|
29 |
|
$729,000 |
$3,340 |
$133,600 |
Ventura |
28 |
31 |
|
30 |
|
$750,000 |
$3,440 |
$137,600 |
Central Coast |
|
|
|
|
|
|
|
|
Monterey |
19 |
25 |
|
24 |
|
$800,000 |
$3,670 |
$146,800 |
San Luis Obispo |
28 |
31 |
|
27 |
|
$668,420 |
$3,070 |
$122,800 |
Santa Barbara |
17 |
31 |
|
22 |
|
$975,500 |
$4,480 |
$179,200 |
Santa Cruz |
19 |
23 |
|
22 |
|
$1,050,000 |
$4,820 |
$192,800 |
Central Valley |
|
|
|
|
|
|
|
|
Fresno |
48 |
51 |
|
49 |
|
$322,000 |
$1,480 |
$59,200 |
Glenn |
49 |
46 |
|
NA |
|
$284,500 |
$1,310 |
$52,400 |
Kern |
49 |
50 |
|
51 |
|
$287,000 |
$1,320 |
$52,800 |
Kings |
59 |
60 |
|
55 |
|
$267,500 |
$1,230 |
$49,200 |
Madera |
49 |
51 |
|
52 |
|
$321,950 |
$1,480 |
$59,200 |
Merced |
44 |
48 |
|
49 |
|
$320,340 |
$1,470 |
$58,800 |
Placer |
43 |
45 |
|
48 |
|
$539,000 |
$2,470 |
$98,800 |
Sacramento |
44 |
46 |
|
45 |
|
$429,900 |
$1,970 |
$78,800 |
San Benito |
32 |
39 |
|
35 |
|
$665,000 |
$3,050 |
$122,000 |
San Joaquin |
44 |
45 |
|
44 |
|
$423,000 |
$1,940 |
$77,600 |
Stanislaus |
47 |
49 |
|
48 |
|
$370,000 |
$1,700 |
$68,000 |
Tulare |
50 |
52 |
|
51 |
|
$275,000 |
$1,260 |
$50,400 |
Far North |
|
|
|
|
|
|
|
|
Butte |
35 |
38 |
|
38 |
|
$402,800 |
$1,850 |
$74,000 |
Lassen |
63 |
68 |
|
64 |
|
$239,000 |
$1,100 |
$44,000 |
Plumas |
39 |
52 |
|
46 |
|
$389,500 |
$1,790 |
$71,600 |
Shasta |
50 |
52 |
|
47 |
|
$315,000 |
$1,450 |
$58,000 |
Siskiyou |
49 |
54 |
|
51 |
|
$260,000 |
$1,190 |
$47,600 |
Tehama |
48 |
54 |
|
46 |
|
$277,750 |
$1,270 |
$50,800 |
Other Calif. Counties |
|
|
|
|
|
|
|
|
Amador |
50 |
53 |
|
49 |
|
$355,000 |
$1,630 |
$65,200 |
Calaveras |
47 |
49 |
|
49 |
|
$368,000 |
$1,690 |
$67,600 |
Del Norte |
39 |
43 |
|
NA |
|
$314,000 |
$1,440 |
$57,600 |
El Dorado |
40 |
44 |
|
42 |
|
$570,000 |
$2,610 |
$104,400 |
Humboldt |
41 |
43 |
|
37 |
|
$345,000 |
$1,580 |
$63,200 |
Lake |
47 |
47 |
|
47 |
|
$309,000 |
$1,420 |
$56,800 |
Mariposa |
35 |
43 |
|
44 |
|
$415,000 |
$1,900 |
$76,000 |
Mendocino |
31 |
38 |
|
30 |
|
$493,000 |
$2,260 |
$90,400 |
Mono |
16 |
17 |
|
17 |
|
$736,500 |
$3,380 |
$135,200 |
Nevada |
41 |
45 |
|
41 |
|
$479,000 |
$2,200 |
$88,000 |
Sutter |
47 |
50 |
|
47 |
|
$349,900 |
$1,610 |
$64,400 |
Tuolumne |
52 |
54 |
|
49 |
|
$325,000 |
$1,490 |
$59,600 |
Yolo |
38 |
43 |
|
39 |
|
$523,360 |
$2,400 |
$96,000 |
Yuba |
51 |
52 |
|
48 |
|
$340,000 |
$1,560 |
$62,400 |
NA = not available