Talking Points …
- According to the CALIFORNIA ASSOCIATION OF REALTORS®’ (C.A.R.) Traditional Housing Affordability Index (HAI), the percentage of home buyers who could afford to purchase a median-priced, existing single-family home in California dropped to 32 percent in the third quarter of 2013. This is down from 36 percent in first-quarter 2013 and from 49 percent in third-quarter 2012.
- C.A.R. reports that housing affordability fell for the sixth consecutive quarter after reaching an all-time high in the spring of 2012. Significantly higher home prices shut out more California home buyers during the third quarter of 2013.
- The third quarter 2013 figure fell below 35 percent for the first time since the third quarter of 2008. Home buyers needed to earn a minimum annual income of $89,170 to qualify for the purchase of a $433,940 statewide median-priced, existing single-family home in the third quarter of 2013.