WRE News November 15, 2023
Buyer
Housing affordability in California slumped to its lowest level since 2007, according to data from the California Association of Realtors (CAR).
Fewer than one in five home buyers (15%) were able to afford a median-priced, existing single-family home in California during in third quarter, down from 16% in the previous quarter and down from 18% one year earlier, as per CAR’s Traditional Housing Affordability Index.
A minimum annual income of $221,200 was needed to qualify for the purchase of a $843,600 statewide median-priced, existing single-family home, and the monthly payment (including taxes and insurance) on a 30-year fixed-rate loan, would be $5,530, assuming a 20% down payment and an effective composite interest rate of 7.14%.
CAR also noted in comparison with the national housing market, more than one-third of U.S. households could afford to purchase a $406,900 median-priced home, which required a minimum annual income of $106,800 to make monthly payments of $2,670. Nationwide affordability was down from 39%.
Stay up to date on the latest real estate trends.
Buyer
July 1, 2025
Multi-generational living is on the rise.
Seller
June 30, 2025
Here’s something you need to know.
Buyer
June 29, 2025
We’ve officially reached the dog days of summer, and it’s not just you panting for relief.
Buyer
June 29, 2025
When choosing a fresh coat of paint for your space, picking the perfect color can feel like the most daunting task.
Buyer
June 29, 2025
If you're tired of seeing plain white walls and neutral interiors, then you'll be pleased to know that deeper jewel tones are trending again.
Lifestyle
June 28, 2025
Peppers add color, crunch, and a kick of flavor to everything from fajitas to fresh salads, but these heat‑lovers thrive when surrounded by the right garden friends.
We Guide Homeowners through the complicated process of selling their home using our 4 Phase Selling Process and 3 Prong Marketing Strategy that alleviates their stress and moves them effortlessly to their next destination. Schedule a 15 Minute Complimentary Strategy Session Today