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For release:
November 7, 2024
California housing affordability improves from previous quarter and year as price growth ebbs and rates dip, C.A.R. reports
LOS ANGELES (Nov. 7) – Slower home price growth and more favorable interest rates in third-quarter 2024 buoyed California’s housing affordability from both the previous quarter and a year ago, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) said today.
Infographic: https://www.car.org/Global/Infographics/HAI-2024-Q3
Sixteen percent of the state’s homebuyers could afford to purchase a median-priced, existing single-family home in California in third-quarter 2024, up from 14 percent in the second quarter of 2024 and 15 percent in the third quarter of 2023, according to C.A.R.’s Traditional Housing Affordability Index (HAI).
The third-quarter 2024 figure is less than a third of the affordability index peak of 56 percent in the third quarter of 2012. Rates started the third quarter on a downward trend but have climbed since bottoming out in early September. With the dwindling chance of another sizable Fed rate cut in 2024 due to a stronger-than-expected economy, mortgage rates shot back up above 7 percent in recent weeks, reaching their highest levels since early July. Rates could still come down before the end of the year, but the odds of a meaningful decline in the next couple months have reduced sharply from where they were three months ago.
C.A.R.’s HAI measures the percentage of all households that can afford to purchase a median-priced, single-family home in California. C.A.R. also reports affordability indices for regions and select counties within the state. The index is considered the most fundamental measure of housing well-being for home buyers in the state.
A minimum annual income of $220,800 was needed to qualify for the purchase of an $880,250 statewide median-priced, existing single-family home in the third quarter of 2024. The monthly payment, including taxes and insurance (PITI) on a 30-year, fixed-rate loan, would be $5,520, assuming a 20 percent down payment and an effective composite interest rate of 6.63 percent. The effective composite interest rate was 7.10 percent in second-quarter 2024 and 7.14 percent in third-quarter 2023. The monthly PITI for a typical single-family home in California dipped from both the previous quarter and the same quarter of last year.
The statewide median price of existing single-family homes in California declined 2.9 percent quarter-to-quarter, due partly to seasonal factors but also a change in the mix of sales. On a year-over-year basis, California continued to record price increases for the fifth consecutive quarter, although at a more moderate pace of 4.3 percent in third-quarter 2024 – the slowest since the third quarter of 2023. With the market entering the off-season, home prices will soften further as inventory rises and competition cools. While slower price growth will ease the affordability crunch facing buyers, recent mortgage rate spikes will continue to be a challenge for many in the remainder of the year.
The share of California households that could afford a typical condo/townhome in third-quarter 2024 rose to 25 percent, up from 22 percent recorded in the previous quarter and up from the 23 percent recorded in the third quarter of 2023. An annual income of $168,000 was required to make the monthly payment of $4,200 on the $670,000 median-priced condo/townhome in the third quarter of 2024.
Compared with California, more than one-third of the nation’s households could afford to purchase a $418,700 median-priced home, which required a minimum annual income of $105,200 to make monthly payments of $2,630. Nationwide affordability inched up from 34 percent a year ago. In the third quarter of 2024, the nationwide minimum required annual income was less than half that of California's for the sixth consecutive quarter.
Key points from the third-quarter 2024 Housing Affordability report include:
See C.A.R.’s historical housing affordability data.
See first-time buyer housing affordability data.
Leading the way…® in California real estate for nearly 120 years, the CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org) is one of the largest state trade organizations in the United States with 200,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.
# # #
CALIFORNIA ASSOCIATION OF REALTORS®
Traditional Housing Affordability Index
Third quarter 2024
Qtr. 3 2024 |
C.A.R. Traditional Housing Affordability Index |
|||||||
STATE/REGION/COUNTY |
Qtr. 3 2024 |
Qtr. 2 2024 |
|
Qtr. 3 2023 |
|
Median Home Price |
Monthly Payment Including Taxes & Insurance |
Minimum Qualifying Income |
Calif. Single-family home |
16 |
14 |
|
15 |
|
$880,250 |
$5,520 |
$220,800 |
Calif. Condo/Townhome |
25 |
22 |
|
23 |
|
$670,000 |
$4,200 |
$168,000 |
Los Angeles Metro Area |
15 |
13 |
|
14 |
|
$827,000 |
$5,190 |
$207,600 |
Inland Empire |
22 |
20 |
|
20 |
|
$590,000 |
$3,700 |
$148,000 |
San Francisco Bay Area |
21 |
18 |
|
19 |
|
$1,275,000 |
$8,000 |
$320,000 |
United States |
35 |
33 |
|
34 |
|
$418,700 |
$2,630 |
$105,200 |
|
|
|
|
|
|
|
|
|
San Francisco Bay Area |
|
|
|
|
|
|
|
|
Alameda |
18 |
16 |
|
16 |
|
$1,275,000 |
$8,000 |
$320,000 |
Contra Costa |
25 |
21 |
|
22 |
|
$875,000 |
$5,490 |
$219,600 |
Marin |
20 |
16 |
|
18 |
|
$1,575,000 |
$9,880 |
$395,200 |
Napa |
15 |
14 |
|
15 |
|
$975,000 |
$6,120 |
$244,800 |
San Francisco |
21 |
19 |
|
21 |
|
$1,580,000 |
$9,910 |
$396,400 |
San Mateo |
17 |
16 |
|
17 |
|
$2,050,000 |
$12,860 |
$514,400 |
Santa Clara |
19 |
16 |
|
17 |
|
$1,900,000 |
$11,920 |
$476,800 |
Solano |
26 |
24 |
|
24 |
|
$600,000 |
$3,760 |
$150,400 |
Sonoma |
18 |
16 |
|
15 |
|
$835,000 |
$5,240 |
$209,600 |
Southern California |
|
|
|
|
|
|
|
|
Imperial |
28 |
26 |
|
27 |
|
$395,000 |
$2,480 |
$99,200 |
Los Angeles |
11 |
13 |
|
11 |
|
$947,480 |
$5,940 |
$237,600 |
Orange |
12 |
11 |
|
11 |
|
$1,398,500 |
$8,770 |
$350,800 |
Riverside |
21 |
18 |
|
19 |
|
$635,000 |
$3,980 |
$159,200 |
San Bernardino |
27 |
25 |
|
25 |
|
$510,000 |
$3,200 |
$128,000 |
San Diego |
12 |
11 |
|
11 |
|
$1,010,000 |
$6,340 |
$253,600 |
Ventura |
13 |
12 |
|
13 |
|
$950,000 |
$5,960 |
$238,400 |
Central Coast |
|
|
|
|
|
|
|
|
Monterey |
10 |
8 |
|
9 |
|
$950,000 |
$5,960 |
$238,400 |
San Luis Obispo |
11 |
11 |
|
10 |
|
$940,500 |
$5,900 |
$236,000 |
Santa Barbara |
13 |
9 |
|
10 |
|
$950,000 |
$5,960 |
$238,400 |
Santa Cruz |
14 |
13 |
|
13 |
|
$1,319,000 |
$8,280 |
$331,200 |
Central Valley |
|
|
|
|
|
|
|
|
Fresno |
30 |
28 |
|
27 |
|
$430,000 |
$2,700 |
$108,000 |
Glenn |
40 |
35 |
|
30 |
|
$327,000 |
$2,050 |
$82,000 |
Kern |
30 |
30 |
|
28 |
|
$405,000 |
$2,540 |
$101,600 |
Kings |
33 |
29 |
|
27 |
|
$375,000 |
$2,350 |
$94,000 |
Madera |
31 |
29 |
|
29 |
|
$426,940 |
$2,680 |
$107,200 |
Merced |
27 |
25 |
|
30 |
|
$413,000 |
$2,590 |
$103,600 |
Placer |
30 |
28 |
|
27 |
|
$670,000 |
$4,200 |
$168,000 |
Sacramento |
26 |
24 |
|
23 |
|
$560,000 |
$3,510 |
$140,400 |
San Benito |
21 |
18 |
|
16 |
|
$800,000 |
$5,020 |
$200,800 |
San Joaquin |
25 |
24 |
|
23 |
|
$572,950 |
$3,590 |
$143,600 |
Stanislaus |
29 |
25 |
|
24 |
|
$480,000 |
$3,010 |
$120,400 |
Tulare |
31 |
30 |
|
30 |
|
$380,000 |
$2,380 |
$95,200 |
Far North |
|
|
|
|
|
|
|
|
Butte |
29 |
27 |
|
28 |
|
$450,000 |
$2,820 |
$112,800 |
Lassen |
52 |
52 |
|
58 |
|
$262,500 |
$1,650 |
$66,000 |
Plumas |
23 |
29 |
|
31 |
|
$520,000 |
$3,260 |
$130,400 |
Shasta |
34 |
33 |
|
35 |
|
$385,000 |
$2,420 |
$96,800 |
Siskiyou |
36 |
31 |
|
34 |
|
$312,500 |
$1,960 |
$78,400 |
Tehama |
38 |
34 |
|
39 |
|
$325,000 |
$2,040 |
$81,600 |
Trinity |
34 |
28 |
|
30 |
|
$275,000 |
$1,730 |
$69,200 |
Other Calif. Counties |
|
|
|
|
|
|
|
|
Amador |
38 |
32 |
|
26 |
|
$416,000 |
$2,610 |
$104,400 |
Calaveras |
31 |
29 |
|
27 |
|
$485,000 |
$3,040 |
$121,600 |
Del Norte |
28 |
34 |
|
28 |
|
$420,000 |
$2,630 |
$105,200 |
El Dorado |
27 |
22 |
|
23 |
|
$665,000 |
$4,170 |
$166,800 |
Humboldt |
23 |
22 |
|
23 |
|
$439,900 |
$2,760 |
$110,400 |
Lake |
35 |
31 |
|
30 |
|
$343,000 |
$2,150 |
$86,000 |
Mariposa |
27 |
25 |
|
16 |
|
$409,000 |
$2,570 |
$102,800 |
Mendocino |
18 |
17 |
|
15 |
|
$549,000 |
$3,440 |
$137,600 |
Mono |
7 |
5 |
|
5 |
|
$869,000 |
$5,450 |
$218,000 |
Nevada |
26 |
24 |
|
23 |
|
$577,000 |
$3,620 |
$144,800 |
Sutter |
28 |
27 |
|
31 |
|
$430,000 |
$2,700 |
$108,000 |
Tuolumne |
40 |
31 |
|
31 |
|
$385,000 |
$2,420 |
$96,800 |
Yolo |
24 |
22 |
|
23 |
|
$615,000 |
$3,860 |
$154,400 |
Yuba |
27 |
25 |
|
26 |
|
$440,000 |
$2,760 |
$110,400 |
r = revised
Traditional Housing Affordability Indices (HAI) were calculated based on the following effective composite interest rates: 6.63% (3Qtr. 2024), 7.10% (2Qtr. 2024) and 7.14% (3Qtr. 2023).