S.D. home prices fall but sales are brisk
While nearly 39 percent of San Diego homes sold were affordable in the third quarter, the New York City area was deemed the least affordable with only 10.6 percent of homes sold at a median $500,000 and within reach of the median-income household earning $63,000.
Four of the least-affordable markets were in California: San Luis Obispo, 13.4 percent; San Francisco, 16.6 percent; Los Angeles, 20.7 percent; and Napa, 23.2 percent.
To be clear, these are definitely tough times. With house prices not going up as fast anymore, there’s definitely some gloom. It saddens me that we still can’t beat New York City in unaffordability, but we sure beat them in median income (wtf, $63k? cafeteria chefs make more than that here!)! And, it should hearten some that we are at least in the Top 10 for being unaffordable.
Mixed signs for sure.