California's Housing Affordability Index falls
The California Association of Realtors (C.A.R.) announced that "The percentage of households in California able to afford a median-priced home stood at 18 percent in June, a 9 percentage-point decrease compared to the same period a year ago when the Index was at 27 percent, according to a report released today by the California Association of REALTORS® (C.A.R.). The June Housing Affordability Index (HAI) declined one point compared to May, when it stood at 19 points."
"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."
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