Less than one in three Californians could afford to purchase a home in the fourth quarter, with affordability conditions declining in every Bay Area county from one year earlier.
Tag Archive: Housing Affordability Index
Some welcome news for Bay Area home shoppers: Affordability increased in every local county in the third quarter. Unfortunately, the region's home price growth continues to outpace wage growth for the most part.
A limited supply of homes isn't just a challenge here in California and the Bay Area; it’s a nationwide issue, and it helped push the national median sales price to another new high in the second quarter.
Rising prices and an insufficient number of homes for sale further worsened affordability conditions statewide and in the Bay Area in the second quarter, with buyers needing to earn twice as much as they did five years ago in order to qualify for a mortgage.
Despite the state's thin supply of housing, wage growth helped boost affordability ever-so slightly in the first quarter, while there was little relief to be found for Bay Area home shoppers.
February 14, 2017 • Posted in Market Conditions
Income gains helped keep California's housing affordability in check in the fourth quarter and even resulted in some modest improvements in the Bay Area, though only one-quarter of the region's residents can afford to purchase a home.
November 15, 2016 • Posted in Market Conditions
A lack of affordable homes continues to present one of the largest challenges to California and buyers, so it comes as welcome news that more residents -- if only slightly more -- can make the mortgage payments on the average Bay Area property.
September 20, 2016 • Posted in Market Conditions
Rising prices are putting homes out of reach for an increasing number of California and Bay Area residents, resulting in an annual decline in sales volume last month.
August 11, 2016 • Posted in Home Price Conditions
California and the Bay Area both saw strong seasonal price appreciation in the second quarter, further hampering affordability conditions despite mortgage rates that remain near record lows.
June 15, 2016 • Posted in Home Price Conditions
The Bay Area has traditionally been a more expensive region in which to purchase real estate than in many other California locales, and housing affordability has tightened considerably since the recession ended -- particularly in suburban and outlying counties.
Sign Up for Daily Blog Updates
Receive daily blog posts from Pacific Union in your inbox.
Sign up for Monthly Market Updates
Receive monthly real estate news from Pacific Union in your inbox.