Just 13% of residents able to afford median-priced homes
A home for sale in Del Mar File photo by Chris Jennewein Times of San Diego Thirteen percent of San Diego County households could afford to purchase the million median-priced home in the third quarter of the same number as in second-quarter and up from in third-quarter the California Association of Realtors disclosed Thursday The statewide median price of existing single-family homes in California fell in the third quarter of compared to the previous quarter reflecting a cooling in territory competition CAR determined However on a year-over-year basis home prices rebounded rising after posting the first decline in eight quarters earlier this year as easing mortgage rates encouraged more buyers to return to the field With the realm transitioning into the off-season home prices are expected to moderate further as seasonal factors kick in CAR informed If lower mortgage rates materialize in the months ahead and economic uncertainties subside housing affordability could see particular slight improvement in the next couple of quarters More California households could afford a typical condo townhome in third-quarter rising from both in second-quarter and in third-quarter An annual income of was required to make the monthly payment of on the median-priced condo townhome in the third quarter of according to CAR In the Los Angeles metro area of households could afford to purchase the median-priced home in the third quarter of up from in second-quarter and up from in third-quarter CAR communicated In Orange County percent of households could afford to purchase the million median-priced home in the third quarter of up from in second-quarter and up from in third-quarter The highest median price in California in the third quarter was San Mateo County s million Lassen remained the greater part affordable county in California during the quarter with homes selling at Compared with California CAR located more than one-third of the nation s households could afford to purchase a median-priced home which required a minimum annual income of to make monthly payments of Nationwide affordability edged up from in both the second quarter of and a year ago
