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15
CAC ANNOUNCES NEW PRESIDENT PRODUCE VETERAN JEFF OBERMAN TO LEAD CAC
CAC ANNOUNCES NEW PRESIDENT PRODUCE VETERAN JEFF OBERMAN TO LEAD CAC
The California Avocado Commission Board of Directors has selected produce veteran Jeff Oberman to become the organization's new president, effective October 10, 2022. Mr. Oberman's produce industry career has spanned 25 years so far. From 2020 to the present he served as vice president of sales – business development for PRO*ACT and was their vice president strategic programs for the prior two years. From 1997 to 2018 Mr. Oberman worked for the produce trade association United Fresh in successively more responsible roles. For more than half his tenure at United Fresh he served as vice president, trade relations.
"We are very pleased that Jeff Oberman has accepted the position of California Avocado Commission president," said Rob Grethe...
15
Best California Mortgage and Refinance Rates for November 2022
If you're looking to relocate to the west coast, it's important to know that while mortgage rates in California are slightly below the national average, the higher property costs in certain areas need to be looked at closely before buying.
Current California Mortgage and Refinance Rates
Compare today's average mortgage rates in the state of California, based on an aggregated pool of rates from multiple sources.
| Product | Rate | Rate Last Week |
| 30-Year Fixed Rate | 6.900% | 7.360% |
| 15-Year Fixed Rate | 6.260% | 6.490% |
| 5/1 ARM Rate | 5.250% | 5.190% |
| 30-Year Jumbo Mortgage Rate | 6.870% | 7.330% |
| 30-Year Fixed Refinance Rate | 6.880% | 7.340% |
Rates data based on Sacramento, California as of 11/14/2022
Mortgage Rates Trends
In this graph:
On Monday, November 14, 2022, the APR was 6.910% for the 30-year fixed rate, 6.270% for the 15-year fixed rate, and 5.254% for the 5/1 adjustable-rate mortgage rate. These rates are updated almost every day based on Bankrate's national survey of mortgage lenders. Toggle between the three rates on the graph and compare today's rates to what they looked like in the past 43 days.
Note: Not sure how much house you can afford? Use our mortgage calculator to find out.
While California is a beautiful state, many areas within the state are very expensive to buy a home or live in — which is especially true in the coastal areas. Plus, the cost of living in California is high, homeowner's insurance is high and the home prices in some areas are astronomical. With that said, the current mortgage and refinance rates in California are slightly below the national average. Considering that buying a home in California can amount to a massive expense, the low current interest rates will help you save money on your mortgage expenses — even if they can't make the price tag of the home more affordable. Compare national mortgage rates to see how they stack up against California rates.
Getting a mortgage in California
When it comes to buying a house in California, what you pay will depend heavily on where you buy. The costs of living and buying a home can vary wildly from one city to the next, much like it can in New York state. There are several factors you can weigh, though, to get a better picture of the overall costs of living in California.
Two of those factors are the median home price and median monthly ownership costs for homes in California, which are significantly higher than the national average across the board. The state also has the 11th highest average cost of homeowner's insurance, and when it comes to the cost of living, the state ranks as the 2nd most expensive, only after Hawaii.
All of these factors should be weighed together to get an accurate picture of the costs and benefits — as well as the potential downsides — of buying in California.
- Median home price: $475,900
- Average 30-year fixed rate: 3.07%
- Median monthly ownership cost: $2,282
- Homeownership rate: 54.6%
*Rates and data as of September 23, 2020. Assuming 3.210% APR national average on a 30-year fixed-rate mortgage.
California state mortgage rate trends
Mortgage rates in California have followed roughly the same trend as the rest of the nation over the last two years. Rates were constant through mid-2018 and then spiked upward at the end of 2018 and the start of 2019. Following the spike, the rates began a slow descent, eventually landing at the lower rates, where they currently sit.
All fixed-rate loan products followed the same trend upward and then downward trend as the 30-year fixed-rate loans. In May 2018, interest rates for 30-year fixed-rate loans were at about 4.25%, and those rates are just above the 3% mark currently. Rates have been fairly constant over the last year, whereas many other states in the country have seen sustained drops.
California state current mortgage rates
The average 30-year fixed-rate mortgage loan in California currently has an interest rate of about 3.06%. The interest rates for 20-year loans are slightly higher, averaging about 3.17%. Interest rates for both of these loan types have been holding steady recently, but the interest rates for 15-year fixed-rate loans have dropped dramatically over the past few months and now average about 2.74%.
The most significant recent rate drop was on adjustable-rate mortgages. The average interest rates for 7/1 or 5/1 ARM loans are about 3.56% and 3.05% respectively. Those rates were much higher just a few months ago. It's important to keep in mind, though, that all of these rates assume a 20% down payment and a credit score of 740 or higher. Your exact rate will vary by lender, the type and size of the loan, and your creditworthiness.
Most and least expensive places to live in California
Least expensive places to live in California
- Twentynine Palms, CA — Twentynine Palms, which is one of the training grounds for the U.S. Marines, is also one of the least expensive places to live in California, even if Uncle Sam isn't paying for it. The median value of a home in the area is only $132,200. The monthly costs of homeownership in Twentynine Palms is only $1,154 — which is over $400 below the national average.
- El Centro, CA — The median monthly cost of owning a home in El Centro is right on par with the national average, but it's well below the rest of California. The median cost of a home in El Centro is $182,300.
- Barstow, CA — Barstow, which is halfway between Los Angeles and Vegas, is a small California town with an affordable cost of living. The median value of a home in Barstow is only $107,100 and the median monthly cost of ownership is $1,116. The median gross rent in the city is $740 monthly.
- California City, CA — At 10% below the national average, the cost of living in California City is much lower than the rest of California. Housing costs in the city are 56% below the national average and the median rent is $475.98. Buying a home in California City is also affordable, with the median home price at $151,946.
- Calexico, CA — Living in Calexico is slightly more expensive than the other cities on this list, but is still well below the cost of living in the rest of the state. The median price of a home in Calexico is $196,500. The median rent in the area is still affordable at $906.
Most expensive places to live in California
- Los Altos, CA — The cost of living in Los Altos comes in 197% higher than the national average. Housing is an eye-popping 694% above the national average. The median home price in the city is $2,756,569 and the median rent is $8,635 monthly.
- Stanford, CA — Living in Stanford is extremely pricey for the average person, especially when it comes to housing. Housing in Stanford is 517% above the national average, which equates to a median home price of $2,140,883 and a median rent of $6,706.
- Palo Alto, CA — Palo Alto, which is home to many tech firms, is not a cheap place to live. The cost of groceries in Palo Alto is 48% higher than the national average. Expect to pay almost $5 for a loaf of bread. The median home price in the city is $438,753 and the median rent in the city is $1,374 monthly.
- Los Angeles, CA — The home of Hollywood and the film industry is also home to some of the most expensive living costs in California. Housing costs in LA are 127% above the national average and transportation costs are 31% higher. The median home price in the city is $788,384 and the median rent in the city is $2,470 per month.
- Atherton, CA — Housing, grocery and transportation costs in Atherton are all much higher than the national average. Housing is 55% higher than the national average, with a median home price of $537,872 and a median rent of $1,685.
*Data source: PayScale and Census.gov
California state mortgage resources and intricacies
Homebuyers looking to move west or purchase a home in the state of California have several resources they can consult during the process. For starters, check out the HUD website for the state or the California Housing Finance Agency (CHFA) website. If you have specific questions about the nuances of applying for a mortgage, refinancing or buying a home in California, a mortgage banker or realtor licensed to work in the state can be a great asset.
You'll also want to look at tax rates when deciding whether to buy in the state. While the exact rate you'll pay varies by the county and city you choose to buy in, the effective tax rate for the entire state was 0.74%.
The final word
If you're considering a purchase in the Golden State, you may have some incredibly beautiful home options to choose from. When you look at the overall picture, though, you may be paying a pretty penny for housing and other living costs in some of those areas. Still, with mortgage rates slightly below the national average, it may be a good opportunity to buy in California if you're thinking about heading out west.
15
CALIFORNIA ASSOCIATION OF REALTORS® Traditional Housing Affordability Index Third quarter 2022
November 10, 2022
Housing affordability inches up from recent trough, but remains depressed by higher rates, CAR reports
- Eighteen percent of California households could afford to purchase the $829,760 median-priced home in the third quarter of 2022, up from 16 percent in second-quarter 2022 but down from 24 percent in third-quarter 2021.
- A minimum annual income of $192,800 was needed to make monthly payments of $4,820, including principal, interest and taxes on a 30-year fixed-rate mortgage at a 5.72 percent interest rate.
- Nearly 30 percent (27 percent) of California home buyers were able to purchase the $630,000 median-priced condo or townhome. A minimum annual income of $146,400 was required to make a monthly payment of $3,660.
- Infographic: https://www.car.org/Global/Infographics/HAI-2022-Q3
LOS ANGELES (Nov. 10) – Housing affordability in California bounced back in the third quarter with the statewide index for existing single-family home sales inching up to 18 percent after hitting a 15-year low of 16 percent in the second quarter of 2022, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) said today.
The percentage of home buyers who could afford to purchase a median-priced, existing single-family home in California in third-quarter 2022 rose slightly to18 percent from 16 percent in the second quarter of 2022 but was down from 24 percent in the third quarter of 2021, according to C.A.R.'s Traditional Housing Affordability Index (HAI). California hit a peak high affordability index of 56 percent in the first quarter of 2012.
C.A.R.'s HAI measures the percentage of all households that can afford to purchase a median-priced, single-family home in California. C.A.R. also reports affordability indices for regions and select counties within the state. The index is considered the most fundamental measure of housing well-being for home buyers in the state.
A minimum annual income of $192,800 was needed to qualify for the purchase of a $829,760 statewide median-priced, existing single-family home in the third quarter of 2022. The monthly payment, including taxes and insurance on a 30-year, fixed-rate loan, would be $4,820, assuming a 20 percent down payment and an effective composite interest rate of 5.72 percent. The effective composite interest rate was 5.39 percent in second-quarter 2022 and 3.07 percent in third-quarter 2021. In anticipation of the Fed's strong push on rate increases in the past few months, the market continued to put upward pressure on yields which resulted in the average 30-year fixed-rate mortgage (FRM) reaching the highest level in 20 years in late September.
The median price of existing single-family homes in California experienced the largest quarter-to-quarter decline in price since the first quarter of 2011. Despite the sizable quarter-to-quarter drop in median price, the share of households in California that could afford to buy a median-priced condominium or townhome continued to slide from last year as the cost of borrowing remained high.
Twenty-seven percent of California households earned the minimum income to qualify for the purchase of a $630,000 median-priced condo/townhome in the third quarter of 2022, which required an annual income of $146,400 to make monthly payments of $3,660. The third quarter 2022 figure was down from 37 percent a year ago.
Nationwide housing affordability also plunged in third-quarter 2022. Compared with California, 39 percent of the nation's households could afford to purchase a $398,500 median-priced home, which required a minimum annual income of $92,400 to make monthly payments of $2,310. Nationwide affordability was 50 percent a year ago.
Key points from the third-quarter 2022 Housing Affordability report include:
- Compared to the previous quarter, housing affordability in the third quarter of 2022 improved in 40 counties and remained unchanged in four counties. All but two counties decreased in housing affordability from a year ago, with Tehama being the only county with an increase from last year and San Mateo County remaining unchanged at 19 percent year-over-year.
- In the nine-county San Francisco Bay Area, affordability improved from the previous quarter in all counties except Napa County, which declined 2 percent.
- In the Southern California region, housing affordability increased in all counties except Los Angeles County where affordability declined to 13 percent compared with 16 percent in second quarter 2022. San Bernardino County was the most affordable in the region at 31 percent of households able to purchase the $480,000 median-priced home. However, San Bernardino County also had the third largest year-over-year dip declining 12.7 percent.
- In the Central Valley region, Kings County was the most affordable at 40 percent, and San Benito was the least affordable at 20 percent.
- In the Central Coast region, Santa Barbara County was the least affordable at 12 percent, and Santa Cruz County was the most affordable at 14 percent.
- For the state as a whole, Lassen (56 percent) remained the most affordable county in California in the third quarter of 2022, followed by Kings (40 percent), Shasta (39 percent) and Tehama (39 percent). Lassen also had the lowest minimum qualifying income ($56,800) of all counties in California to purchase a median-priced home and was the only county in the state with a qualifying income less than $60,000.
- Mono (8 percent) and Santa Barbara (12 percent) were the least affordable counties in California, with each requiring at least a minimum income of $197,200 to purchase a median-priced home in the county. San Mateo ($448,400) continued to have the highest minimum qualifying income over more than $400,000 required in the third quarter of 2022. Other counties with minimum qualifying income just slightly below $400,000 included Marin ($394,800), Santa Clara ($392,000) and San Francisco ($385,200).
- Housing affordability declined the most on a year-over-year basis in Kings, falling 16.2 points year-over-year. Mariposa (13.7 points) and San Bernardino (12.7 points) had the second and third largest year-over-year dips. The surge in mortgage rates, along with elevated home prices, continued to be the primary factors for the plunge in affordability in these counties.
See C.A.R.'s historical housing affordability data.
See first-time buyer housing affordability data.
Leading the way…® in California real estate for more than 110 years, the CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org) is one of the largest state trade organizations in the United States with more than 217,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.
# # #
CALIFORNIA ASSOCIATION OF REALTORS®
Traditional Housing Affordability Index
Third quarter 2022
|
Q32022 |
C.A.R. Traditional Housing Affordability Index |
|||||||
|
STATE/REGION/COUNTY |
Q32022 |
Q22022 |
|
Q32021 |
|
Median Home Price |
Monthly Payment Including Taxes & Insurance |
Minimum Qualifying Income |
|
CA SFH (SAAR) |
18 |
16 |
|
24 |
|
$829,760 |
$4,820 |
$192,800 |
|
CA Condo/Townhomes |
27 |
25 |
|
37 |
|
$630,000 |
$3,660 |
$146,400 |
|
Los Angeles Metropolitan Area |
19 |
17 |
|
26 |
|
$765,000 |
$4,440 |
$177,600 |
|
Inland Empire |
25 |
24 |
|
36 |
|
$567,000 |
$3,290 |
$131,600 |
|
S.F. Bay Area |
20 |
18 |
|
22 |
|
$1,265,000 |
$7,340 |
$293,600 |
|
US |
39 |
38 |
|
50 |
|
$398,500 |
$2,310 |
$92,400 |
|
|
|
|
|
|
|
|
|
|
|
S.F. Bay Area |
|
|
|
|
|
|
|
|
|
Alameda |
17 |
15 |
|
19 |
|
$1,260,000 |
$7,310 |
$292,400 |
|
Contra Costa |
25 |
22 |
|
31 |
|
$886,250 |
$5,140 |
$205,600 |
|
Marin |
18 |
17 |
|
22 |
|
$1,700,000 |
$9,870 |
$394,800 |
|
Napa |
13 |
15 |
|
23 |
|
$1,100,000 |
$6,380 |
$255,200 |
|
San Francisco |
20 |
17 |
|
21 |
|
$1,660,000 |
$9,630 |
$385,200 |
|
San Mateo |
19 |
15 |
|
19 |
|
$1,931,000 |
$11,210 |
$448,400 |
|
Santa Clara |
20 |
18 |
|
22 |
|
$1,688,000 |
$9,800 |
$392,000 |
|
Solano |
30 |
28 |
|
42 |
|
$595,000 |
$3,450 |
$138,000 |
|
Sonoma |
19 |
17 |
|
28 |
|
$825,000 |
$4,790 |
$191,600 |
|
Southern California |
|
|
|
|
|
|
|
|
|
Los Angeles |
13 |
16 |
|
19 |
|
$893,230 |
$5,180 |
$207,200 |
|
Orange |
13 |
12 |
|
18 |
|
$1,200,000 |
$6,960 |
$278,400 |
|
Riverside |
23 |
21 |
|
33 |
|
$615,000 |
$3,570 |
$142,800 |
|
San Bernardino |
31 |
30 |
|
43 |
|
$480,000 |
$2,790 |
$111,600 |
|
San Diego |
15 |
14 |
|
23 |
|
$900,000 |
$5,220 |
$208,800 |
|
Ventura |
17 |
15 |
|
25 |
|
$887,000 |
$5,150 |
$206,000 |
|
Central Coast |
|
|
|
|
|
|
|
|
|
Monterey |
13 |
13 |
|
20 |
|
$850,000 |
$4,930 |
$197,200 |
|
San Luis Obispo |
13 |
12 |
|
24 |
|
$875,000 |
$5,080 |
$203,200 |
|
Santa Barbara |
12 |
10 |
|
17 |
|
$1,010,000 |
$5,860 |
$234,400 |
|
Santa Cruz |
14 |
13 |
|
17 |
|
$1,255,000 |
$7,280 |
$291,200 |
|
Central Valley |
|
|
|
|
|
|
|
|
|
Fresno |
32 |
31 |
|
42 |
|
$410,000 |
$2,380 |
$95,200 |
|
Glenn |
34 |
36 |
|
44 |
|
$335,000 |
$1,940 |
$77,600 |
|
Kern |
34 |
32 |
|
45 |
|
$368,000 |
$2,140 |
$85,600 |
|
Kings |
40 |
39 |
|
56 |
|
$335,000 |
$1,940 |
$77,600 |
|
Madera |
34 |
32 |
|
43 |
|
$410,000 |
$2,380 |
$95,200 |
|
Merced |
34 |
34 |
|
44 |
|
$395,000 |
$2,290 |
$91,600 |
|
Placer |
30 |
27 |
|
38 |
|
$664,000 |
$3,850 |
$154,000 |
|
Sacramento |
29 |
27 |
|
39 |
|
$535,000 |
$3,100 |
$124,000 |
|
San Benito |
20 |
17 |
|
27 |
|
$775,000 |
$4,500 |
$180,000 |
|
San Joaquin |
29 |
26 |
|
37 |
|
$520,000 |
$3,020 |
$120,800 |
|
Stanislaus |
30 |
28 |
|
41 |
|
$460,000 |
$2,670 |
$106,800 |
|
Tulare |
36 |
34 |
|
46 |
|
$355,000 |
$2,060 |
$82,400 |
|
Far North |
|
|
|
|
|
|
|
|
|
Butte |
30 |
28 |
|
35 |
|
$441,000 |
$2,560 |
$102,400 |
|
Lassen |
56 |
54 |
|
68 |
|
$244,950 |
$1,420 |
$56,800 |
|
Plumas |
28 |
32 |
|
38 |
|
$447,500 |
$2,600 |
$104,000 |
|
Shasta |
39 |
36 |
|
44 |
|
$375,000 |
$2,180 |
$87,200 |
|
Siskiyou |
31 |
30 |
|
41 |
|
$350,000 |
$2,030 |
$81,200 |
|
Tehama |
39 |
33 |
|
38 |
|
$309,250 |
$1,790 |
$71,600 |
|
Other Counties in California |
|
|
|
|
|
|
|
|
|
Amador |
34 |
32 |
|
42 |
|
$419,000 |
$2,430 |
$97,200 |
|
Calaveras |
32 |
29 |
|
39 |
|
$460,000 |
$2,670 |
$106,800 |
|
Del Norte |
27 |
31 |
|
35 |
|
$383,450 |
$2,230 |
$89,200 |
|
El Dorado |
27 |
24 |
|
35 |
|
$645,000 |
$3,740 |
$149,600 |
|
Humboldt |
23 |
24 |
|
32 |
|
$470,000 |
$2,730 |
$109,200 |
|
Lake |
33 |
33 |
|
42 |
|
$339,000 |
$1,970 |
$78,800 |
|
Mariposa |
21 |
22 |
|
35 |
|
$449,000 |
$2,610 |
$104,400 |
|
Mendocino |
18 |
15 |
|
23 |
|
$543,250 |
$3,150 |
$126,000 |
|
Mono |
8 |
6 |
|
13 |
|
$850,000 |
$4,930 |
$197,200 |
|
Nevada |
25 |
25 |
|
35 |
|
$579,450 |
$3,360 |
$134,400 |
|
Sutter |
32 |
31 |
|
42 |
|
$445,000 |
$2,580 |
$103,200 |
|
Tuolumne |
35 |
33 |
|
45 |
|
$410,000 |
$2,380 |
$95,200 |
|
Yolo |
24 |
23 |
|
33 |
|
$635,000 |
$3,680 |
$147,200 |
|
Yuba |
29 |
27 |
|
38 |
|
$431,500 |
$2,500 |
$100,000 |
r = revised
Traditional Housing Affordability Indices (HAI) were calculated based on the following effective composite interest rates: 5.72% (3Qtr. 2022), 5.39% (2Qtr. 2022) and 3.07% (3Qtr. 2021).
ARTICLE BELONGS TO CAR.ORG