Housing Affordability Leveling Off in CA?

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.