Lake
Tahoe Real Estate - Single Family - Tahoe Valley
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Tahoe Real Estate - Condo/Townhouse - Tahoe Valley
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Tahoe Real Estate - Multi Family - Tahoe Valley
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Tahoe Real Estate - Land - Tahoe Valley
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Tahoe Real Estate - Commercial - Tahoe Valley
CALIFORNIA'S HOUSING AFFORDABILITY INDEX AT 18 PERCENT
IN JULY The percentage of households in California
able to afford a median-priced home stood at 18 percent in
July, a 9 percentage-point decrease compared to the same period
a year ago when the Index was at 27 percent, according to
a recent report from C.A.R. The July Housing Affordability
Index (HAI) was unchanged compared to June, when it also stood
at 18 percent. 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 $463,540 in California
in July was $109,590, based on an average effective mortgage
interest rate of 5.93 percent and assuming a 20 percent downpayment.
The minimum household income needed to purchase a median-priced
home was up from $86,120 in July 2003, when the median price
of a home was $381,940 and the prevailing interest rate was
5.39 percent. At 42 percent, the High Desert region was the
most affordable C.A.R. region in the state, followed by the
Sacramento and Central Valley regions at 26 percent. The San
Diego region was the least affordable in the state at 10 percent,
followed by the Orange County and Monterey regions at 11 percent.
C.A.R.'s August 2004 sales and median price report for the
state and regions within the state will be released on Sept.
24.
RENTAL MARKET IMPROVES, CONDO MARKET STILL STRONG
With consumer demand for apartments on the upswing, multifamily
developers across the country are optimistic that the rental
market is finally in the midst of a recovery, according to
the latest results from the Multi-family Market Index (MMI),
released by National Association of Home Builders (NAHB).
All classes of apartments showed improvement in demand, with
Class B apartments showing an index value of 50.6, a 7-point
rise compared to the same period last year. Luxury Class A
units also rebounded with an index value of 49.2, a 10-point
improvement since the second quarter of 2003. Lower-rent units,
a category with a generally higher demand than the other two,
continued to do so with an index value of 55.3, an increase
of 10 points over last year's second quarter, according to
the report. The current MMI also found that the market for
condos remains strong, with the index gauging supply reaching
58.9, a figure that represents a 5-point improvement over
12 months ago. Although survey respondents said they expect
the condo market to remain healthy, they expect it to cool
somewhat in the next six months.
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.
