California Housing Affordability Falls Across State, Says California Association of Realtors

Home prices are rising and affordability is going down, the California Association of Realtors said Friday.

During the first quarter 44 percent of buyers could afford a median-priced home costing $350,490, down from 56 percent a year ago. Affordability was down from 48 percent in the fourth quarter of 2012.

In the Los Angeles metro area 46 percent of buyers could afford the median-priced home costing $333,380, down from 56 percent a year ago and from 50 percent in the fourth quarter.

In the Inland Empire 61 percent of buyers could afford a home costing $216,720, down from 71 percent a year earlier and down from 67 percent in the fourth quarter, the association said.

All regions of the state experienced significant year-over-year declines in housing affordability, with Bay Area and Southern California counties recording the largest decreases. San Francisco and San Mateo counties were the least affordable at 23 percent.

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