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WASHINGTON (May 10, 2016) — Struggles exist for many young adults trying to become homeowners, and the burden of repaying their student loan debt is in part delaying their ability to buy, according to speakers at a regulatory issues forum on student debt and homeownership at the 2016 REALTORS® Legislative Meetings & Trade Expo.

The high-profile session discussing the impact student loan debt is having on young households' ability to purchase homes was keynoted by U.S. Housing and Urban Development Secretary Juli… Read More

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For release:
May 9, 2016

Strong wage growth and level home prices buoy California housing affordability

Twenty-two regions see improvement, with eight of nine Bay Area counties posting higher

• Thirty-four percent of California households could afford to purchase the $465,280 median-priced home in the first quarter, up from 30 percent in fourth-quarter 2015 and unchanged from 34 percent in first-quarter 2015.

• A minimum annual income of $92,571 was needed to make monthly payments of $2,314, including principal, interest, and taxes on a 30-year fixed-rate mortgage at 4.01 percent interest rate.

• Forty-one percent of home buyers were able to purchase the $389,910 median-priced condo or townhome. An annual income of $77,575 was required to make a monthly payment of $1,939.

LOS ANGELES (May 9) – Higher wages and lower seasonal home prices combined to push California housing affordability higher in the first quarter of 2016, compared to the previous quarter, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) said today. Affordability was flat when compared to the previous year as rising home price offset income gains.

The percentage of home buyers who could afford to purchase a median-priced, existing single-family home in California in first-quarter 2016 rose to 34 percent from the 30 percent recorded in the fourth quarter of 2015 and was unchanged from first-quarter 2015, according to C.A.R.’s Traditional Housing Affordability Index (HAI). This is the 12th consecutive quarter that the index has been below 40 percent and is near the mid-2008 low 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 $92,571 to qualify for the purchase of a $465,280 statewide median-priced, existing single-family home in the first quarter of 2016. The monthly payment, including taxes and insurance on a 30-year, fixed-rate loan, would be $2,314, assuming a 20 percent down payment and an effective composite interest rate of 4.01 percent. The effective composite interest rate in fourth-quarter 2015 was 4.07 percent and 3.97 percent in the first quarter of 2015.

The median home price was $483,810 in fourth-quarter 2015, and an annual income of $96,790 was needed to purchase a home at that price.

Condominiums and townhomes were also more affordable compared to the previous quarter. Forty-one percent of California households earned the minimum income to qualify for the purchase of a condominium or townhome in the first quarter of 2016, up from 39 percent from the last quarter of 2015. An annual income of $77,575 was required to make monthly payments of $1,939.

Key points from the first-quarter 2016 Housing Affordability report include:

• Compared to affordability in fourth-quarter 2015, 22 of 29 counties tracked saw an improvement in housing affordability, three experienced declines, and four were unchanged.

• Affordability improved greatly in the Bay Area, with eight of nine counties seeing an improvement. Southern California, Central Coast, and the Central Valley also saw higher affordability, compared to the previous quarter.

• Housing affordability in Southern California improved from the previous quarter in every county, with Los Angeles, Ventura, and San Diego counties leading the way.

• During the first quarter of 2016, the five most affordable counties in California were Kings (58 percent), San Bernardino (57 percent), Merced (55 percent), and Kern (55 percent).

• San Francisco (13 percent), San Mateo (16 percent), and Santa Cruz (18 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*

Leading the way?® in California real estate for more than 110 years, the CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org) is one of the largest state trade organizations in the United States with 185,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.

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WASHINGTON (May 10, 2016) — Thousands of Realtors® from across the nation are meeting with legislators, regulators and industry leaders this week to advance the issues critical to their businesses, communities and clients as the REALTORS® Legislative Meetings & Trade Expo begins.

More than 8,500 Realtors and guests from across the country are expected to attend the meetings, which kicks off today in Washington, D.C. and runs through May 14.

"There is a wide range of… Read More

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WASHINGTON – The U.S. Department of Housing and Urban Development (HUD) announced today it is charging an Oswego, New York, property owner and management company with housing discrimination following allegations that they discriminated against people with disabilities who required the use of assistance animals.

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WASHINGTON – For the first time ever, the U.S. Department of Housing and Urban Development (HUD) today allocated nearly $174 million through the nation’s Housing Trust Fund.

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WASHINGTON – The U.S. Department of Housing and Urban Development today unveiled a new mobile app to help educate the public about hidden home hazards that can impact the health of their families. The Healthy Homes App is designed to raise awareness about potentially serious health and safety problems in the home and the steps consumers can take to protect themselves.

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For release:
May 9, 2016

Strong wage growth and level home prices buoy California housing affordability

Twenty-two regions see improvement, with eight of nine Bay Area counties posting higher

• Thirty-four percent of California households could afford to purchase the $465,280 median-priced home in the first quarter, up from 30 percent in fourth-quarter 2015 and unchanged from 34 percent in first-quarter 2015.

• A minimum annual income of $92,571 was needed to make monthly payments of $2,314, including principal, interest, and taxes on a 30-year fixed-rate mortgage at 4.01 percent interest rate.

• Forty-one percent of home buyers were able to purchase the $389,910 median-priced condo or townhome. An annual income of $77,575 was required to make a monthly payment of $1,939.

LOS ANGELES (May 9) – Higher wages and lower seasonal home prices combined to push California housing affordability higher in the first quarter of 2016, compared to the previous quarter, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) said today. Affordability was flat when compared to the previous year as rising home price offset income gains.

The percentage of home buyers who could afford to purchase a median-priced, existing single-family home in California in first-quarter 2016 rose to 34 percent from the 30 percent recorded in the fourth quarter of 2015 and was unchanged from first-quarter 2015, according to C.A.R.’s Traditional Housing Affordability Index (HAI). This is the 12th consecutive quarter that the index has been below 40 percent and is near the mid-2008 low 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 $92,571 to qualify for the purchase of a $465,280 statewide median-priced, existing single-family home in the first quarter of 2016. The monthly payment, including taxes and insurance on a 30-year, fixed-rate loan, would be $2,314, assuming a 20 percent down payment and an effective composite interest rate of 4.01 percent. The effective composite interest rate in fourth-quarter 2015 was 4.07 percent and 3.97 percent in the first quarter of 2015.

The median home price was $483,810 in fourth-quarter 2015, and an annual income of $96,790 was needed to purchase a home at that price.

Condominiums and townhomes were also more affordable compared to the previous quarter. Forty-one percent of California households earned the minimum income to qualify for the purchase of a condominium or townhome in the first quarter of 2016, up from 39 percent from the last quarter of 2015. An annual income of $77,575 was required to make monthly payments of $1,939.

Key points from the first-quarter 2016 Housing Affordability report include:

• Compared to affordability in fourth-quarter 2015, 22 of 29 counties tracked saw an improvement in housing affordability, three experienced declines, and four were unchanged.

• Affordability improved greatly in the Bay Area, with eight of nine counties seeing an improvement. Southern California, Central Coast, and the Central Valley also saw higher affordability, compared to the previous quarter.

• Housing affordability in Southern California improved from the previous quarter in every county, with Los Angeles, Ventura, and San Diego counties leading the way.

• During the first quarter of 2016, the five most affordable counties in California were Kings (58 percent), San Bernardino (57 percent), Merced (55 percent), and Kern (55 percent).

• San Francisco (13 percent), San Mateo (16 percent), and Santa Cruz (18 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*

Leading the way?® in California real estate for more than 110 years, the CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org) is one of the largest state trade organizations in the United States with 185,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.

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Did you know more than 36,000 REALTOR® members in our state are not registered to vote? This year is an election year and California’s Primary Election Day is June 7, 2016. If you’ve moved or need to vote by mail, you can easily register online. Permanent absentee is the easiest way to vote; your ballot arrives by mail and you can vote at your convenience.

Voter registration forms are available at your association office. The registration deadline for paper registration forms is May 23, 2016. Getting involved is key to protecting the issues important to our industry. When REALTORS® are engaged in the electoral process, elected officials listen to our concerns!

Register online to vote.

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