Housing affordability in California was unchanged in November from the level recorded in October, although it was down by six percentage points from that of a year earlier, according to the California Association of Realtors.Housing affordability stood at 19% in November, down from 25% a year earlier, CAR said. The Housing Affordability Index indicates the percentage of households that can afford to buy a median-priced home in California, which cost $473,260 in November. The minimum household income needed to buy a median-priced home was $109,670, up from $90,270 a year earlier, CAR said. (The figures are based on an average effective mortgage rate of 5.70%, assuming a 20% downpayment.) CAR can be found on the Web at http://www.car.org.
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