California housing affordability improves from previous quarter and year as price growth ebbs and rates dip, C.A.R. reports

Sixteen percent of California households could afford to purchase the $880,250 median-priced home in the third quarter of 2024, up from 14 percent in second-quarter 2024 and up from 15 percent in third-quarter 2023. A minimum annual income of $220,800 was needed to make monthly payments…