Lake Tahoe
Real Estate News - June 23, 2004 |
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| C.A.R. REPORTS HOUSING AFFORDABILITY INDEX
FALLS SEVEN POINTS The percentage of households in California able to afford a median-priced home stood at 20 percent in April, a 7 percentage-point decrease compared to the same period a year ago when the Index was at 27 percent, according to a recent C.A.R. report. The April Housing Affordability Index (HAI) declined one point compared to March, when it stood at 21 points. C.A.R.'s monthly housing affordability index measures the percentage of households that can afford to purchase a median-priced home in California. C.A.R. also reports housing affordability indexes for regions and select counties within the state. The index is the most fundamental measure of housing well-being in the state. The minimum household income needed to purchase a median-priced home at $453,590 in California in April was $102,550, based on a typical 30-year, fixed-rate mortgage at 5.42 percent and assuming a 20 percent downpayment. The minimum household income needed to purchase a median-priced home was up from $84,510 in April 2003, when the median price of a home was $364,040 and the prevailing interest rate was 5.72 percent. At 52 percent, the High Desert region was the most affordable C.A.R. region in the state, followed by the Sacramento region at 33 percent. The Monterey region was the least affordable region in the state at 12 percent. HOUSING STARTS IN CALIFORNIA FALL SLIGHTLY IN APRIL, UP FROM YEAR AGO California housing starts in April fell slightly from March but were up sharply compared to April 2003, according to a recent report from the California Building Industry Association. A total of 13,802 building permits for single-family homes were issued in April, down 4.7 percent from March but up 16.2 percent compared to the same period a year ago. Seasonally adjusted, the rate was down 6.4 percent from March but up 17.2 percent from the previous year. Including multi-family units, primarily apartments but including some condominiums, housing starts totaled 17,505, down 10.1 percent from March but up 6.4 percent from April 2003. Seasonally adjusted, the rate was down 10.6 percent from March but up 6.7 percent compared to the same period a year ago. Multi-family construction tends to be very volatile, with wide swings from month to month. "For the better part of two decades, new-home construction has not kept pace with population growth," said Robert Rivinius, CBIA's CEO. "So while homebuilders remain on course to beginning construction on 200,000 homes and apartments this year, even that level of construction won't be enough to meet this year's demand, let alone catch up with a housing deficit that has been estimated at between 500,000 and 1 million units statewide." MORTGAGE LOAN APPS POST SLIGHT INCREASE The Market Composite Index of mortgage loan applications, a measure of mortgage loan applications for purchases and refinancings, increased by 0.1 percent to 601.2 on a seasonally adjusted basis for the week ending June 18 from 600.6 one week earlier, according to a report released today by the Mortgage Bankers Association (MBA). On an unadjusted basis, the Index decreased by 0.4 percent for the week ending June 18 compared with the previous week and was down 59.7 percent compared with the same week one year earlier. The refinance share of mortgage activity decreased to 33.4 percent of total applications for the week ending June 18 compared to 33.8 percent the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 33.5 percent of total applications for the week ending June 18 from 34.7 percent the previous week, according to the report. Fast Facts Calif. median home price - April 04: $453,590 (Source: C.A.R.) Calif. affordability index - April 04: 20 percent (Source: C.A.R.) Calif. highest median home price by C.A.R. region - April 04: Santa Barbara South Coast $985,000 (Source: C.A.R.) Calif. lowest median home price by C.A.R. region April 04: High Desert $197,720 (Source: C.A.R.) Mortgage rates - week ending 6/17: 30-yr. fixed: 6.32% Fees/points: 0.5% 1-yr. adjustable: 4.13% Fees/points: 0.7% 15-yr. fixed: 5.70% Fees/points: 0.5% (Source: Freddie Mac)Information provided by - C.A.R. Newsline is published by the CALIFORNIA ASSOCIATION OF REALTORS®, a trade association representing more than 135,000 REALTORS® statewide. |
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