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Housing Affordability on the Rise in California, Industry Group Says

From San Fernando Valley Business Journal:


Low home prices and interest rates in California are making homes increasingly affordable for potential buyers, the California Association of Realtors said Thursday.


During the third quarter, the number of home buyers who could afford a $292,120 single-family home — the state-wide median — was 52 percent, a one percent increase from the previous quarter, the organization said.


Still tight lending restrictions are holding back purchases.


“While housing affordability has improved in most areas of the state, would-be buyers, especially first-timers, are having difficulty getting loans,” Beth L. Peerce, the association’s president, said in a news release.


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