Families are struggling to buy homes, Realtors...

Families are struggling to

buy homes, Realtors say

The percentage of California households that can afford to buy a

single-family home at the median price continues to shrink from its

2003 level, falling to 24% in February from 30% in the same month

last year, according to the California Assn. of Realtors.

The association reported that the minimum household income needed

was $91,690 to purchase a median-priced home, which in February cost

$394,300.

Locally, median home prices in February were much higher than the

statewide median and were somewhat higher than the same month in

2003. According to the Orange Coast Assn. of Realtors, a

median-priced home in Costa Mesa was $592,000 in February, up 24%

from February last year, and in Newport Beach a median-priced home

sold for $1.5 million, a 46% increase since the same month in 2003.