Market Updates

News from C.A.R.: Affordability the Fundamental Story Now

June 10, 2010

A May update from the CALIFORNIA ASSOCIATION OF REALTORS® shows that affordability remained in record high territory in the first quarter of 2010.
According to C.A.R., “…the current affordability environment is very favorable, with prices that remain well below the peak levels of a few years ago and historically low mortgage rates. These home buyer fundamentals should drive continued demand for housing in California, even as the state and federal tax credits begin to unwind.”
Other highlights include:
• The statewide median price increased 1.5% from April 2010 and 21% from 2009
• This trend is mirrored locally as median home prices from 4/09 to 4/10 increased in the following Bay Area counties:
o Contra Costa County up 20.9%
o Santa Clara County up 17.5%
o Marin County up 13.6%
o Alameda County up 12.9%
o San Mateo County up 10.9%
o Sonoma County up 8.6%
o San Francisco County up 8.4%
o Santa Cruz County up 8.3%

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