The Real Deal
Locals find their homes in top 10 list
Affordability up
By Jean Newton
Monte Sereno and Saratoga made the top 10 list of homes with the highest median home price for the second quarter 2001, according to a report released by the California Association of Realtors and Real Estate Solutions, a real estate information service. Additionally, the percentage of households in California able to afford a median-priced home increased by two percentage points in June compared to a year ago, according to another report released by the California Association of Realtors.
The June 2001 Housing Affordability stood at 32 percent, up two points from 30 percent in June 2000, according to the association. The June Housing Affordability Index declined two points compared to May 2001, when it stood at 34 percent.
The California Association of Realtor's monthly housing affordability index measures the percentage of households that can afford to purchase a median-priced home in California. The association also reports housing affordability index for regions and selected counties within the state. The index is the most fundamental measure of housing's well being in the state.
At 11 percent, Contra Costa was the least affordable county in the state, followed by San Francisco at 12 percent. For the San Francisco Bay Area, affordability was 19 percent and in Santa Clara County affordability was 21 percent, down one percent from May 2001. One year ago, the housing affordability index in Santa Clara County was 16 percent.
With housing affordability at 67 percent, the High Desert remains the most affordable region in the state.
While housing has become more affordable for some, the median price of an existing, single-family detached home in California during the second quarter of 2001 reached the highest level on record at $258,110. The median price increased 7.5 percent from the same period a year ago.
Thirty-year fixed mortgage interest rates averaged 7.3 percent during the second quarter of 2001, down from 8.32 percent in the second quarter of last year, according to the Federal Home Loan Mortgage Corp.
The 10 cities and communities with the highest median home prices in California during second quarter 2001 were: Los Altos Hills, $3,230,000; Hillsborough, $2,218,500; Monte Sereno, $1,620,000; Woodside, $1,505,000; Saratoga, $1,300,00; Belevedere/Tiburon, $1,237,500; Los Altos, $1,065,000; Palos Verdes Estates, $793,000; Burlingame, $787,000; and Mill Valley, $775,000.
Santa Clara County's median home price logged in at $537,480 in the second quarter of 2001, down a bit from last year's second quarter at $541,820. The report on median prices indicated 90.4 percent of California cities and communities showed an increase in their respective median home prices for the second quarter of 2001 compared to the same period a year prior.
Real Estate Solutions, based in Sacramento, is a leading provider of information and software solutions for real estate industry professionals throughout the United States. The California Association of Realtors is one of the largest state trade organizations in the United States, with more than 97,000 members dedicated to the advancement of professionalism in real estate.
Information provided in this column is presented by the Realtor members of the Silicon Valley Association of Realtors. Send questions on any topic to: Real Deal, c/o SILVAR, ppompei@siliconvalley-realtors.org
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