Talking Points
- In the second quarter of 2013, the percentage of home buyers who could afford to purchase a median-priced, existing single-family home in California dropped to 36 percent, according to the CALIFORNIA ASSOCIATION OF REALTORS®. This number is down from 44 percent in first-quarter 2013 and from 51 percent in second-quarter 2012.
- The CALIFORNIA ASSOCIATION OF REALTORS’® Traditional Housing Affordability Index fell below 40 percent for the first time since the third quarter of 2008. Nearly all regions of the state experienced sharp quarter-over-quarter declines in housing affordability, particularly the Bay Area and coastal regions.
- To qualify for the purchase of a $415,770 statewide median-priced, existing single-family home in the second quarter of 2013, home buyers needed to earn a minimum annual income of $79,910. The median home price was $316,490 in second-quarter 2012.