The California Association of Realtors Traditional Housing Affordability Index found that in 1Q13 only 44% of buyers could
Buyers would need to earn annual income of $66,800 to purchase a $350,490 property (the statewide median in 1Q13). With an 80% loan-to-value and 3.55% interest rate for a 30-year fixed-rate mortgage, the buyer’s monthly payment would be $1,670.
However, in the most populous areas of the state, the affordability index is lower. In San Francisco the index is now at 23% and for the Bay Area as a whole, it is 32%.
Los Angeles has a 42% index. In Orange County it is 28% and for San Diego it is 38%.
Meanwhile, the
Florida Realtors president Dean Asher, commented, "More people went back to work as more jobs were created in Florida during the first quarter, and our population is also growing, which provides a solid foundation for growth in the housing market. It's taking less time to sell a home and, coupled with tight inventory, that shows buyers are eager to lock in historically low mortgage interest rates and take advantage of favorable, but rising prices."
The statewide median in Florida for single-family homes is $153,000, up 13.4% one year prior.
Chief economist John Tuccillo added, “We expect that the year-over-year increases we have seen for the past several years will continue into 2014.”
