Improvement in home prices, interest rates lifts CA housing affordability
Source: CALIFORNIA ASSN. OF REALTORS®
In Q1 2024, a modest decline in mortgage rates and home prices eased home buying for more Californians, per the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.). The affordability index rose to 17%, up from 15% in Q4 2023 but down from 20% in Q1 2023, yet still far below the peak of 56% in Q1 2012. Despite the U.S. economy's strong performance, the Federal Reserve's reluctance to cut interest rates until summer suggests limited affordability improvement ahead.
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