Inland: Incomes shrinking faster than median home prices Press-Enterprise
Just because home prices drop it doesn't necessarily mean that houses continue to become more affordable. Cheaper homes don't grow more affordable if incomes are shrinking faster.
That now seems to be the case in the Riverside-San Bernardino-Ontario metropolitan area, where the California Building Industry Association reports that in the second quarter of this year 72 percent of homes sold were affordable to median income households. By contrast median income households could afford 74.9 percent of homes sold in the first quarter.
So what happened? One clue may be that although the median sales price of a home dropped from $175,000 in the first quarter to $170,000 in the second quarter, the median income of Inland households shrank from $65,000 in 2010 to $62,500 in 2011.
Homes in Inland Southern California were even more affordable in the fourth quarter of 2010 when, according to the association, 76.8 percent of homes were within the financial reach of median income households.
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