Talking Points …

  • According to the Housing Affordability Index (HAI) from the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.), California’s housing affordability held steady in the fourth quarter of 2013, following six consecutive quarters of declines.
  • C.A.R.’s HAI found that the percentage of home buyers who could afford to purchase a median-priced, existing single-family home in California was unchanged from the third quarter of 2013 at 32 percent, but was down from 48 percent in fourth-quarter 2012. Home buyers needed to earn a minimum annual income of $89,240 to qualify for the purchase of a $431,510 statewide median-priced, existing single-family home in the fourth quarter of 2013.
  • California housing affordability hit a record high of 56 percent in first quarter of 2012 but has steadily declined since then. The median home price was $352,450 in fourth-quarter 2012, and an annual income of $66,860 was needed to purchase a home at that price.