LOS ANGELES — Los Angeles city homebuyers got some good news in the third quarter of 2024 with housing affordability improving slightly from the previous quarter, while fewer county house purchasers could afford a home in the same quarter, the California Association of Realtors announced Thursday.

Eleven percent of LA County households could afford to buy the $947,480 median-priced home in the third quarter of the year, down from 13% in the second quarter of 2024, and mirroring the 11% in third-quarter 2023, according to the association.

A minimum annual income of $237,600 was needed to make monthly payments of $5,940, including principal, interest and taxes on a 30-year fixed- rate mortgage at a 6.63% interest rate, the report said.

In the LA metro area, 15% of households could afford to buy the $827,000 median-priced home in the third quarter of 2024, up from 14% in the third quarter of 2023 and up from 13% in the second quarter of this year. A minimum qualifying income of $207,600 was needed to make monthly payments of $5,190.

In Orange County — considered by CAR one of the least-affordable counties in California — 12% of households could afford to buy the $1.39 million median-priced home in the third quarter of the year, up from 11% in the last quarter of 2023, and the same percentage as second-quarter 2024, according to the association.

A minimum annual income of $350,800 was needed to make monthly payments of $8,770, including principal, interest and taxes on a 30-year fixed-rate mortgage at a 6.63% interest rate, the report said.

Sixteen percent of California households could afford to purchase the $880,250 statewide median-priced home in the third quarter of 2024, up from 14% in second-quarter 2024 and up from 15% in third-quarter 2023, CAR said.

A minimum annual income of $220,800 was needed to make monthly payments of $5,520, including principal, interest and taxes on a 30-year fixed- rate mortgage at a 6.63% interest rate, the report said.

Also statewide, 25% of home buyers were able to purchase the $670,000 median-priced condo or townhome. A minimum annual income of $168,000 was required to make a monthly payment of $4,200, according to the association.