According to a recent report from the California Association of Realtors more Californians could afford to buy a home in the third quarter of this year. The group's Traditional Housing Affordability Index shows that 27% of California households could afford to purchase the $588,530 median-priced home in the third quarter of 2018, up from 26% in second-quarter 2018 and down from 28% a year ago.
Considered the most fundamental measure of housing well-being for home buyers in the state, the index has been below 30 percent for five of the past eight quarters. The housing affordability index hit a peak of 56 percent in the first quarter of 2012.
During the third quarter of 2018, the most affordable counties in California were Lassen (67 percent), Kern and Kings (51 percent), Tehama (49 percent) and Yuba (48 percent). Mono (11 percent), Santa Cruz (12 percent), San Mateo (14 percent), San Francisco (15 percent), and Santa Clara (17 percent) counties were the least affordable areas in the state.Read More