The California Association of REALTORS® (C.A.R.) reports that the California housing affordability index remains steady at 19% in December 2004, the same as in November. It is four points lower than the same period in 2003.
What is this index? "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."
To read more about it, go here.