California's Housing Affordability Index Drops
July 12, 2002
Seven Percentage Points In May, C.A.R. Reports
LOS ANGELES ? The percentage of households in California able to afford a median-priced home decreased by seven percentage points in May compared to a year ago, according to a report released today by the California Association of REALTORS® (C.A.R.).
The May 2002 Housing Affordability Index (HAI) stood at 27 percent, down seven points from 34 percent in May 2001, according to C.A.R. The May HAI was unchanged compared to April 2002, when it also was 27 percent.
"Double-digit percentage increases in the cost of a home continue to impact the ability of many households to purchase a home in California," said C.A.R. President Robert Bailey. "The median price of a home in California jumped 25.5 percent in May to $321,130, compared to $255,860 a year ago."
C.A.R.?s monthly housing affordability index measures the percentage of households that can afford to purchase a median-priced home in California. C.A.R. also reports housing affordability indexes for regions and select counties within the state. The index is the most fundamental measure of housing well-being in the state.
C.A.R.'s June existing home sales and price report will be released July 25.
# # #
CALIFORNIA HOUSING AFFORDABILITY INDEX *
May-02 |
Apr-02 |
May-01 |
|||
California |
27 |
27 |
34 |
r |
|
California - Condos |
40 |
41 |
45 |
r |
|
United States |
56 |
56 |
56 |
r |
|
C.A.R. Region |
|||||
Central Valley |
41 |
43 |
r |
47 |
r |
High Desert |
66 |
67 |
69 |
r |
|
Los Angeles |
32 |
31 |
37 |
r |
|
Monterey Region |
15 |
17 |
16 |
r |
|
Northern California |
34 |
35 |
38 |
r |
|
Northern Wine Country |
17 |
17 |
r |
18 |
|
Orange County |
22 |
23 |
29 |
r |
|
Palm Sprgs/Lwr Desert |
21 |
20 |
29 |
r |
|
Riverside/SBernardino |
44 |
45 |
47 |
r |
|
Sacramento |
44 |
46 |
50 |
r |
|
San Diego |
20 |
22 |
26 |
r |
|
San Francisco Bay Area |
17 |
17 |
20 |
r |
|
San Luis Obispo |
21 |
21 |
28 |
r |
|
Santa Barbara Area |
24 |
14 |
26 |
r |
|
Santa Clara |
20 |
21 |
22 |
r |
|
Ventura |
32 |
32 |
39 |
r |
|
COUNTY |
|||||
Alameda |
18 |
17 |
22 |
r |
|
Contra Costa |
9 |
11 |
14 |
r |
|
Fresno |
50 |
52 |
53 |
r |
|
Kern |
59 |
61 |
r |
62 |
r |
Marin |
15 |
14 |
17 |
r |
|
Merced |
38 |
40 |
48 |
||
Riverside |
39 |
36 |
41 |
r |
|
San Bernardino |
52 |
53 |
54 |
r |
|
San Francisco |
12 |
13 |
12 |
r |
|
San Joaquin |
31 |
34 |
38 |
||
San Mateo |
16 |
15 |
17 |
r |
|
Santa Cruz |
15 |
16 |
r |
15 |
r |
Sonoma |
18 |
17 |
19 |
r |
|
Stanislaus |
41 |
42 |
44 |
r |
* -- percentage of California households that can afford to purchase a median-priced home
r -- revised
Source: California Association of REALTORS
Contact ALTA at 202-296-3671 or [email protected].