By Jackson Griffin
According to the California Building Industry Association, housing affordability increased in 22 of 28 California metropolitan areas in the third quarter, said an article on HousingWire.com.
A family with the median income could have afforded 63.5 percent of the new and existing homes sold statewide, up from 61.3 percent in the second quarter.
“As builders continue to compete with a glut of foreclosures and as housing prices continue to find their footing, this remains an opportune time for prospective home buyers,” said Mike Winn, CBIA’s president and CEO.
The San Francisco, San Mateo and Marin County metro area remained the least-affordable in California for the 12th straight quarter. It also ranked second in the nation for the same measure, with just one-third of homes sold being affordable to a median income family. In the second quarter, median income families were able to afford 27.5 percent of the homes that sold.
About an hour from Sacramento, the Sutter County and Yuba County metro area was California’s most-affordable area, posting a rate of 89.3 percent affordability, up from 88 percent in the second quarter.
On the national scale, 72.9 percent of new and existing homes sold in the third quarter were affordable to families earning the national median income, up from 72.6 percent.
The New York City metro area has been the country’s least-affordable market for 14 consecutive quarters, this time around with 23.3 percent affordability. Fairbanks, Alaska, was the most-affordable region in the nation with 97.8 percent of its properties affordable for the average family.
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