IE Business Daily Business news for the Inland Empire.
Housing affordability in California was essentially unchanged during the fourth quarter of last year.
Thirty one percent of all home buyers in the state could afford to buy a median-priced, single-family home during the last three months of 2014, up from 30 percent during the third quarter, according to data released Thursday by the California Realtors Association.
However, that represented a two percent drop compared with the last quarter of 2013.
The median price of a single-family home in California during the fourth quarter was $452,140, meaning an annual income of $91,550 was needed to qualify for the purchase of a single-family home, according to the Los Angeles-based association.
This is the seventh consecutive quarter that the state’s housing affordability index was below 40. The index is getting close to the 29 percent recorded during the middle of 2008, when the recession began.
San Bernardino County recorded a 57 percent affordability index during the fourth quarter of last year, while Riverside County posted a 41 percent affordability index during that time, according to the data.
