Sacramento Bee: Home affordability hits 10-year low in California. Same goes for Sacramento region

Sacramento Bee: Home affordability hits 10-year low in California. Same goes for Sacramento region
August 8, 2018 Joanna Rivas

Housing affordability has hit a 10-year low throughout most of California, new data show, as three out of four state residents can no longer afford sky-high median homes prices. Buyers in the capital region are feeling similar pressure. The percentage of people able to afford an average-price home dropped sharply from 31 percent at the start of 2018 to 26 percent by midyear, the lowest level since 2008, according to an analysis by the California Association of Realtors. That state median single-family home price hit $597,000 during the April-to-June time period this year.  Similarly, in Sacramento County, affordability hit a decade-long low. Forty-one percent of potential buyers can now afford a $374,000 home here, the spring quarter median-price for homes sold in June. That’s far lower than the 2012 peak of 74 percent.

 

Read Full Article