Friday, September 02, 2005

California Affordability Index

This informaton should come as no surprise to prospective home purchasers in the LA area.

California is the least affordable state for a prospective home buyer. Our state has eight out of the ten metro areas on the least affordable list among markets with over 500,000 people and nine out of ten metro areas on the list for markets under 500,000.

Los Angeles-Long Beach-Glendale, Calif. – the least affordable major metro with 500,000 or more people – just 3.6 percent of all homes sold were affordable to those making the median income of $54,500 when the median sales price was $461,000.

Calif. median home price - July 05: $540,900 (Source: C.A.R.)
Calif. affordability index - June 05: 16 percent (Source: C.A.R.)
Calif. highest median home price by C.A.R. region July 05:
Santa Barbara So. Coast $1,325,000 (Source: C.A.R.)
Calif. lowest median home price by C.A.R. region July 05:
High Desert $298,950 (Source: C.A.R.)
Mortgage rates - week ending 8/25:
30-yr. fixed: 5.77%; Fees/points: 0.5%
15-yr. fixed: 5.35%; Fees/points: 0.6%
1-yr. adjustable: 4.56%; Fees/points: 0.7%
(Source: Freddie Mac)

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