A renovated home for sale in Point Loma. Photo by Chris Jennewein
It got a little easier to purchase a home in San Diego this summer, according to a third quarter survey undertaken by the California Association of Realtors, the trade group of residential real estate brokers and agents.
But long-term affordability is slipping, in large part due to the recent dramatic run-up in housing prices.
Here in Southern California, affordability improved from the previous quarter in San Diego, as well as Los Angeles, Orange and Ventura counties.
Here 23% of would-be buyers could afford an average priced home, an improvement of 1% from the previous quarter. But down from 27% a year ago.
Statewide only 24% of California households could afford to purchase the $814,580 median-priced home in the third quarter, down from 28 percent in third-quarter 2020.
The numbers are discouraging. A minimum annual income of $148,400 was needed to…