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Statewide housing affordability reached its lowest level since mid-2018, as higher prices fueled by a shortage of homes for sale pushed the state’s median home price more than 22% higher on a year-over-year basis, according to the California Association of Realtors.
The percentage of home buyers who could afford to purchase a median-priced, existing single-family home in California in the first quarter of 2021 dropped to 27% from 35% in the first quarter of 2020, the organization said.
The first-quarter 2021 figure is less than half of the affordability index peak of 56% in the first quarter of 2012.
Among Southern California counties, Orange County was the least affordable at 20% and a median home price of $1 million.
By City News Service
May 11, 2021
LOS ANGELES (CNS) - Housing has gotten less affordable in all Southern California counties, compared to a year ago, a real estate group said today.
Statewide housing affordability reached its lowest level since mid- 2018, as higher prices fueled by a shortage of homes for sale pushed the state s median home price more than 22% higher on a year-over-year basis, according to the California Association of Realtors.
The percentage of home buyers who could afford to purchase a median- priced, existing single-family home in California in the first quarter of 2021 dropped to 27% from 35% in the first quarter of 2020, the organization said.
Inman Connect
After some debate, a committee of the National Association of Realtors has approved a controversial proposal to require listings to include a property address upon submission to a multiple listing service.
The committee, meeting at NAR’s midyear Realtors Legislative Meetings, also approved a policy requiring sold listings (without a sales price) to be included in data feeds in non-disclosure states and guidance on MLS best practices. The proposed policies will now move to the NAR board of directors, which will meet on Friday, May 14.
The 1.4-million-member trade group’s Multiple Listing Issues and Policies Committee previously shelved the address proposal at NAR’s annual conference in November following a spirited debate for and against the mandate. After re-consideration by the committee’s MLS Technology and Emerging Issues Advisory Board, the proposal was once again brought forward with added language about including a parcel number or a legal description
Seeing the Real Faces of Silicon Valley
For many midlevel engineers and food truck workers and longtime residents, a region filled with extremes has become increasingly inhospitable.
Credit.
By Mary Beth Meehan and Fred Turner
Mary Beth Meehan is an independent photographer and writer. Fred Turner is a professor of communication at Stanford University.
The workers of Silicon Valley rarely look like the men idealized in its lore. They are sometimes heavier, sometimes older, often female, often darker skinned. Many migrated from elsewhere. And most earn far less than Mark Zuckerberg or Tim Cook.
This is a place of divides.
The outcome of collective bargaining is typically a collective agreement.
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