Anyone who is trying to buy a home today, knows prices and interest rates are on the rise. This is confirmed by the affordability of California homes dropping below 40% as pointed out in the latest issue of Market Matters put out by the CALIFORNIA ASSOCIATION OF REALTORS®.
Even with the recent rise Napa Valley median home sold prices are still nearly 30% less than the 2008 high and interest rates are still in the 4% range, granted high 4% range. If you are thinking about buying a home it is not too late. If you are in the market, Let me put my nearly 30 years experience to work for you and help you find the perfect Napa Valley property, please contact me
- In the second quarter of 2013, the percentage of home buyers who could afford to purchase a median-priced, existing single-family home in California dropped to 36 percent, according to the CALIFORNIA ASSOCIATION OF REALTORS®. This number is down from 44 percent in first-quarter 2013 and from 51 percent in second-quarter 2012.
- The CALIFORNIA ASSOCIATION OF REALTORS’® Traditional Housing Affordability Index fell below 40 percent for the first time since the third quarter of 2008. Nearly all regions of the state experienced sharp quarter-over-quarter declines in housing affordability, particularly the Bay Area and coastal regions.
- To qualify for the purchase of a $415,770 statewide median-priced, existing single-family home in the second quarter of 2013, home buyers needed to earn a minimum annual income of $79,910. The median home price was $316,490 in second-quarter 2012.