Home prices are rising and affordability is going down, the California Association of Realtors said Friday.
During the first quarter 44 percent of buyers could afford a median-priced home costing $350,490, down from 56 percent a year ago. Affordability was down from 48 percent in the fourth quarter of 2012.
In the Los Angeles metro area 46 percent of buyers could afford the median-priced home costing $333,380, down from 56 percent a year ago and from 50 percent in the fourth quarter.
In the Inland Empire 61 percent of buyers could afford a home costing $216,720, down from 71 percent a year earlier and down from 67 percent in the fourth quarter, the association said.
All regions of the state experienced significant year-over-year declines in housing affordability, with Bay Area and Southern California counties recording the largest decreases. San Francisco and San Mateo counties were the least affordable at 23 percent.
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