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A report out yesterday from the California Association of Realtors trade group announced that the state’s housing affordability index dipped below 50 percent in the third quarter of 2012.

Rising home prices across the state contributed to affordability, which the Association defines as the percentage of households that could afford a median-priced home assuming they have a 20 percent down payment available and can qualify for a market average interest rate. Though interest rates remain near historic lows (the survey assumed the typical rate for a new borrower to be 3.72 percent), increasing values still found that only 49 percent of households that could obtain such terms would be able to purchase a median-priced home, down from 51 percent in 2012’s second quarter.

In San Diego the numbers are even worse, though they show signs of improvement as compared to the statewide dip. Forty-three percent of local households can now afford a median-priced home here, down from 44 percent three months ago but still up a tick as compared to a 42 percent affordability rating last year.

To buy one of San Diego’s median-priced homes, currently valued at around $394,000, prospective owners would need an income of $76,370 to afford the $1,910 estimated monthly payment.

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