Bay Area Homes More Affordable

Home prices are back to 2002/2003 levels.

C.A.R. First-time Buyer Housing Affordability Index stood at 69 percent in the first quarter of 2009 compared with 46 percent (revised) in the first quarter of 2008

• The median price of an entry-level home in California was $213,040 in the first quarter of 2009
• The estimated monthly payment including taxes and insurance was $1,270 in the first quarter of 2009
• The minimum household income needed to purchase an entry-level home in California in the first quarter of 2009 was $38,090

In Contra Costa County the affordability index for Q1 2009 was 50% as compared to 33% in Q1 2008. Alameda County posted a 62% affordability index an 11% increase over Q4 2008.

The entry level home price in Contra Costa County is now $441,040 while Alameda County is $299,760. Of course, home prices in east CC county are well below the $441K level. Buyers looking for condos, will also find lower entry level prices.

The median price of a home in California at the end of 2008 was $346,610, putting it at a level with home prices in 2002. In the Bay Area the median price of a home at the end of 2008 was $622,030, putting them back at 2003 levels.

California condominium prices, median price now at $310, are back to 2003 price levels.

With interest rates backing away from 6% last week and many financial incentives to help buyers, it's a great time to buy that new home or a fixer upper.

Our FREE In-Depth Real Estate Market Reports updated weekly, break data down by zip code and price point. These are the best "real time"sources of data you can get for your local market.

Contact Craig for more information – 925-984-4910