California's Housing Affordability Hits 10-Year Low

California's Housing Affordability Hits 10-Year Low

California’s housing affordability has hit a 10-year low. According to the California Association of Realtors, tight housing inventories drove home prices higher and reduced purchasing power for home buyers in the third quarter. The percentage of home buyers who could afford to purchase a median-priced, existing single-family home in third quarter of 2017 fell to 28%, down from 29% in the second quarter and down from 31% in the third quarter a year ago. This is the 19th consecutive quarter that the index has been below 40% and the lowest since third quarter 2015. However, affordability improved in 15 of 43 tracked counties, which includes Amador, but not neighboring counties of Calaveras or ElDorado. 

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