California Housing Affordability Inches Downward
Posted by Lauren Spencer on
Housing affordability inched downward throughout the state during the second quarter of 2009 as a result of incremental price increases and increased demand sparked by the state new-homebuyer tax credit, the California Building Industry Association said today.
The quarterly National Association of Home Builders/Wells Fargo Housing Opportunity Index found that homes were less affordable in 16 of the state’s 28 metro areas included in the report.
On a statewide basis, the HOI found that a median-income family could have afforded 62.7% of the new and existing homes that were sold during the second quarter, down from 64.4% in the first quarter.
Robert Rivinius, CBIA’s President and CEO, said the decrease in affordability could signal the bottom of the…
1496 Views, 0 Comments