Housing Affordability Falls Statewide in June

Housing affordability dropped statewide in June as rising home prices negated falling mortgage rates, according to a report by the California Assn. of Realtors.

The percentage of those able to buy a median-priced home was only 27% in June, down from 32% a year earlier. The median, which means half cost less and half cost more, rose by 20% in June to a record $324,370.

A similar pattern was found in Los Angeles County, where the rate slid to 31% in June, down from 35% a year ago. In Orange County, the index fell to 22% from 29% a year earlier and was unchanged from June.

California remained significantly lower than the U.S. overall, where the rate was 55% in June, compared with 54% from a year earlier.