Year-over San Joaquin County, CA home prices jumped 11 percent in July, the California Association of Realtors said today, to a median price of $288,700. Year-over sales also climbed last month, up 14 percent. Homes for sale stayed on the market an average of 23 days in July, roughly the same as in July 2014.
However, as home prices climb, affordability drops. CAR reported last week that in the second quarter of 2015, 37 percent of the county's households could afford a median priced home. That's down from 40 percent in the same quarter a year earlier. At the height of the housing boom in the mid-2000s, affordability in the county fell into the single digits.
According to CAR, it took a minimum household income of $56,550 per year to support a monthly house payment, including taxes and insurance, of $1,410.
Affordability tended to be highest in the Central Valley and lowest in the state's coastal areas. In San Francisco, for example, only 10 percent of the households could afford a median priced home costing about $1.3 million.
“While July home sales rose at the statewide level, the market is still constrained by low housing affordability and a tight supply in areas where job growth is robust, such as San Francisco and San Jose,” said CAR President Chris Kutzkey. “Neighboring regions such as Napa, Solano, and Sonoma are experiencing strong sales due to their affordability and proximity to job centers. However, housing affordability could become a bigger issue in these areas if housing demand continues to grow but supply can’t keep pace.”
#SanJoaquinCounty #homeprices #CA #AssnOfRealtors
Tuesday, August 18, 2015
Sunday, August 16, 2015
Mostly we just fear fear itself
A few Sunday morning thoughts about being #prudent or being #fearful http://recordnet.com/article/20150815/OPINION/150819849 via @recordnet #danger #exceptionalism
Sunday, August 2, 2015
Packing in public
A few thoughts about arming the masses in the name of self defense: http://www.recordnet.com/article/20150801/OPINION/150809995 #2ndamendment #guncontrol #massmurder #firearms
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