California Association of Realtors reports that housing
affordability in state holds steady in fourth quarter of 2019
Posted Friday, February 14, 2020
On February 12, the California Association of Realtors reported that more
Californians could afford a home purchase compared to a year ago. Slightly
higher mortgage interest rates offset steady home prices and held California
housing affordability constant during the fourth quarter of 2019. Thirty-one
percent of California households could afford to purchase the $607,040 median
priced home in the fourth quarter of 2019, unchanged from third-quarter 2019
and up from 28 percent a year ago. A minimum annual income of $119,600 was
needed to make monthly payments of $2,990, including principal, interest and
taxes on a 30-year fixed-rate mortgage at a 3.89 percent interest rate. Housing
affordability improved in 44 tracked counties, declined in four counties and
remained flat in one county.
California Association of Realtors historical housing affordability index
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