Housing affordability remain at 14% in December matching its record low label as rising prices and interest rates continued to slow the market.
In December the median price for a home in the state soared 15.6% to $ 548,430.00 and sales plunged 17.6%
In Los Angeles County, where the median price home cost $ 552.760, affordability fell an annual 5 percentage points to 12%
The minimum household income needed to purchase a median price home in California in December was $134,200 based on an average mortgage interest rate of 6.33% and assuming a 20% downpayment.
This is the beginning of a slowdown in the market that's been anticipated. Prices are still going to go up, but below the 10% range, and the volume of sales will slow significantly.
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