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WASHINGTON (February 12, 2015) – As small business owners, real estate brokers must stay ahead of cutting-edge marketing and management practices. That is why the National Association of Realtors^® is inviting brokers from across the country to attend 2015 Realtor^® Broker Summit events and learn from broker panels and industry leaders about the latest tools and trends affecting the industry and Realtor^® businesses.

“Real estate brokers are entrepreneurs and require specific management skills in addition to real estate… Read More

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For release:
February 12, 2015

California housing affordability inches up from third quarter, slips from year ago.

Nineteen regions see improvement, with Santa Barbara, Contra Costa, Napa, and Los Angeles counties leading the way

LOS ANGELES (Feb. 12) – California housing affordability improved from third-quarter 2014 but dipped when compared to a year ago, as lower interest rates failed to offset higher home prices, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) said today.

The percentage of home buyers who could afford to purchase a median-priced, existing single-family home in California in fourth-quarter 2014 edged up to 31 percent from the 30 percent recorded in the third quarter of 2014 but was down from a revised 32 percent in fourth-quarter 2013, according to C.A.R.’s Traditional Housing Affordability Index (HAI). This is the seventh consecutive quarter that the index was below 40 percent and is near the mid-2008 level of 29 percent. California’s housing affordability index hit a peak of 56 percent in the first quarter of 2012.

C.A.R.’s HAI measures the percentage of all households that can afford to purchase a median-priced, single-family home in California. C.A.R. also reports affordability indices for regions and select counties within the state. The Index is considered the most fundamental measure of housing well-being for home buyers in the state.

Home buyers needed to earn a minimum annual income of $91,550 to qualify for the purchase of a $452,140 statewide median-priced, existing single-family home in the fourth quarter of 2014. The monthly payment, including taxes and insurance on a 30-year, fixed-rate loan, would be $2,290, assuming a 20 percent down payment and an effective composite interest rate of 4.2 percent. The effective composite interest rate in third-quarter 2014 was 4.23 percent and 4.43 percent in the fourth quarter of 2013.

The median home price was $467,280 in third-quarter 2014, and an annual income of $94,880 was needed to purchase a home at that price.

Key points from the fourth-quarter 2014 Housing Affordability report include:

• Compared to affordability in third-quarter 2014, 19 regions saw an improvement in housing affordability, three saw declines, and nine were unchanged.
• Only San Francisco, Madera, and Merced counties saw a drop in affordability due to price increases from the previous quarter.
• Santa Barbara, Contra Costa, Napa, and Los Angeles counties saw the greatest quarter-to-quarter improvement in housing affordability due to price declines.
• During the fourth quarter of 2014, the five most affordable counties in California were Kings (64 percent), San Bernardino (57 percent), Tulare (56 percent), Madera (56 percent), Merced (53 percent), and Fresno (53 percent). • San Francisco (14 percent), San Mateo (15 percent), Marin (15 percent), and Santa Cruz (17 percent) counties were the least affordable areas of the state.

Housing Affordability slides (click link to open)

Affordability peak versus current*
Annual income peak versus current*
PITI peak versus current*

CALIFORNIA ASSOCIATION OF REALTORS®
Traditional Housing Affordability Index

CALIFORNIA ASSOCIATION OF REALTORS®
Traditional Housing Affordability Index

Leading the way?® in California real estate for more than 100 years, the CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org) is one of the largest state trade organizations in the United States with more than 175,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.

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C.A.R. President Chris Kutzkey says we must boost homeownership

In an editorial to the Sacramento Bee, C.A.R. President Chris Kutzkey says that Washington needs to support and put forward more leaders such as U.S. Housing and Urban Development Secretary Julián Castro and Federal Housing Finance Agency Director Mel Watt, who believe homeownership is important and are willing to take meaningful action to promote it. They, along with the president, have recently taken significant steps in support of affordable homeownership, such as lowering FHA mortgage insurance premiums, creating a 3 percent down payment loan program, maintaining Fannie Mae and Freddie Mac loan limits, and refocusing Fannie Mae and Freddie Mac on their missions of promoting homeownership.

Kutzkey had one goal in mind when she became a REALTOR® more than 40 years ago: to help families realize the American dream. That’s still her goal today because homeownership is good for families, communities, and the economy.

Read the full editorial.

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C.A.R. President Chris Kutzkey says we must boost homeownership

In an editorial to the Sacramento Bee, C.A.R. President Chris Kutzkey says that Washington needs to support and put forward more leaders such as U.S. Housing and Urban Development Secretary Julián Castro and Federal Housing Finance Agency Director Mel Watt, who believe homeownership is important and are willing to take meaningful action to promote it. They, along with the president, have recently taken significant steps in support of affordable homeownership, such as lowering FHA mortgage insurance premiums, creating a 3 percent down payment loan program, maintaining Fannie Mae and Freddie Mac loan limits, and refocusing Fannie Mae and Freddie Mac on their missions of promoting homeownership.

Kutzkey had one goal in mind when she became a REALTOR® more than 40 years ago: to help families realize the American dream. That’s still her goal today because homeownership is good for families, communities, and the economy.

Read the full editorial.

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WASHINGTON (February 11, 2015) – National Association of Realtors® President Chris Polychron, executive broker with 1st Choice Realty in Hot Springs, Arkansas, issued the following statement at the conclusion of today’s hearing of the U.S. House Financial Services Committee, The Future of Housing in America: Oversight of the Federal Housing Administration:

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WASHINGTON (February 11, 2015) – The majority of metropolitan areas experienced steady but slightly stronger price growth in the fourth quarter of 2014, behind a decline in housing supply and an uptick in demand fueled by lower interest rates and a stronger job market, according to the latest quarterly report by the National Association of Realtors^®.

The median existing single-family home price increased in 86 percent of… Read More

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