Homeownership remained out of reach for most San Diego County households during the second quarter, despite housing affordability holding steady from the previous quarter, according to a report released by the California Association of Realtors.
In San Diego County, 17% of households could afford to purchase the county's median-priced single-family home of $1.075 million during the second quarter, the same as the first quarter and up from 16% a year earlier, the association said. A minimum annual income of $268,000 was needed to qualify for the purchase.
"Despite improving from a year earlier, affordability remains near historic lows as elevated housing costs and borrowing expenses continue to limit homeownership opportunities across many California communities," the report said.
Statewide, housing affordability fell to 19% in the second quarter from a four-year high of 22% in the first quarter as mortgage rates climbed and home prices rebounded. The statewide median home price rose to $916,750, requiring a minimum annual income of $228,400.
The average effective mortgage rate increased to 6.54% from 6.24% in the previous quarter, the first quarterly increase in five quarters, while the statewide median home price rose 8.7% from the prior quarter, according to the association.
