Housing affordability in California was down by one percentage point in May from a year earlier, according to the California Association of Realtors.Housing affordability stood at 27% in May, down from 28% a year earlier and unchanged from the level recorded in April, CAR said. The index indicates the percentage of households that can afford to buy a median-priced home in California, which cost $369,290 in May. The minimum household income needed to buy a median-priced home was $84,980, up from $81,510 a year earlier, CAR said. (The figures are based on a 30-year fixed-rate mortgage at a 5.62% interest rate, assuming a 20% downpayment.) CAR can be found on the Web at http://www.car.org.
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