A 1.6% jump in the median price...

A 1.6% jump in the median price of California homes sold in August reduced the statewide affordability index to its lowest level of the year, according to figures released by the California Assn. of Realtors. Only 31% of households statewide could afford to purchase the existing median-priced, single-family home last month--down from a revised 32% in July and a high of 37% in February. The association attributed the decline in affordability to higher prices and tighter inventories of homes in many areas.