Tag Archives: home prices

Money Monday: California sales and prices up in October

California home sales and median price post higher in October

Source: C.A.R.

marketBolstered by healthy sales activity in Southern California and the Central Valley, California existing home sales and median price gained ground in October on a month-to-month and year-over-year basis, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) said today.

Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 442,970 units in October, according to information collected by C.A.R. from more than 90 local REALTOR® associations and MLSs statewide. The statewide sales figure represents what would be the total number of homes sold during 2016 if sales maintained the October pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.

The October figure was up 4.1 percent from the revised 425,680 level in September and up 8
percent compared with home sales in October 2015 of a revised 410,310. Home sales remained
above the 400,000 pace for the seventh straight month, and were up year-over-year for the second consecutive month. The year-over-year increase was the largest since January, and October’s sales level was the highest since July 2013.

“With prices continuing to increase amid a low supply of homes for sale on the market, especially in the San Francisco Bay Area and coastal regions, home buyers are migrating toward lowerpriced homes in more affordable inland areas,” said C.A.R. President Geoff McIntosh. “As a
result, home prices at the lower end of the market have risen significantly in the past year,
challenging an already depressed homeownership rate.”

The statewide median price remained above the $500,000 mark for the seventh straight month,
with little signs of slowing down. The median price of an existing, single-family detached
California home was up 1.2 percent in October to $513,520 from a revised $507,260 in
September. Since 2010, prices typically have declined from September to October. The monthly
price gain is an indication that demand remains unseasonably strong.

“While this month’s sales and price gains are encouraging, the market continues to experience a
supply issue that won’t abate any time soon,” said C.A.R. Vice President and Chief Economist
Leslie Appleton-Young. “A shortage of new listings remains a threat to home sales in the short
run, and with available inventory below normal levels, the dearth of listings suggests that the
market will remain tight over the near term.”

Full Story: www.car.org/newsstand/newsreleases/2016releases/oct2016sales

Money Monday: Homeowners are twice as house rich as five years ago

After hitting bottom in 2012, home prices took off dramatically before leveling off a bit in mid-2014. In the last two months, though, they turned higher again. The amount of equity homeowners now have — the value outside their mortgage debt — has doubled in the last five years, according to CoreLogic.

money houseSeptember home prices showed a 6.3 percent annual gain, slightly more than in August and a clear sign that prices are heating up again after cooling through much of spring and summer. CoreLogic’s chief economist said that home equity wealth has doubled during the last five years to $13 trillion, large because of the recovery in home prices.

While homeowners today show more wealth on paper, they are not extracting it at nearly the rate they did during the last housing boom. Near-record-low mortgage rates have certainly prompted thousands of borrowers to refinance and lower their monthly payments, but a very small share have extracted cash in these refinances and home equity lines of credit (HELOC).

Full story: www.cnbc.com/2016/11/01/homeowners-twice-as-house-rich-as-five-years-ago

California Home Sales Increased in February

California home sales gain steam in February as shift toward more
affordable areas tempers home prices

Source: C.A.R.

urban real estate prices, most live in suburbsModerating home price appreciation and improving housing inventory combined to spur California’s housing market in February as existing home sales increased from both the previous month and year, according to the CALIFORNIA ASSOCIATION OF REALTORS®.

Making sense of the story

  • Existing, single-family home sales totaled 393,360 in February on a seasonally adjusted
    annualized rate, up 2.6 percent from January and 6.4 percent above February 2015.
  • February’s statewide median home price was $446,460, down 4.7 percent from January and up 3.8 percent from February 2015.
  • Statewide sales of condos and townhomes rose 2.6 percent from January and 6.4 percent from February a year ago.
  • The February figure was up 2.6 percent from the revised 383,480 level in January and up 6.4
    percent compared with home sales in February 2015 of a revised 369,630. February’s sales level was below the 400,000 level for the second straight month.
  • C.A.R. President Pat “Ziggy” Zicarelli commented, “Market activity continues to be dampened
    by low housing inventory as baby boomers stay in their homes longer and new home
    construction, while improving, falls below needed supplies.”
  • The number of active listings increased for the second consecutive month after declining for five straight months. Active listings increased 4.1 percent from January on a statewide basis.
  • The median number of days it took to sell a single-family home declined in February to 41.6
    days, compared with 44.5 days in January and 44.1 days in February 2015.

Read the full story: http://www.car.org/newsstand/newsreleases/2016releases/february2016sales

Your Mid-Week Real Estate Update February 18, 2016

San Diego real estate update

marketHome prices are climbing at a limited amount compared to last year 2015, while sellers are adjusting their list pricing to reflect actual recent sales. Last December 2015 saw a 33% average of homes on the market at reduced pricing compared to December 2014, 31% of homes at reduced pricing. This trend means that the market is stable, slightly slowing state.

California Association of Realtors statistics show homes are selling at a median of 98.2 percent of the list price during the 4th quarter of 2015. This statewide statistic has a wide margin due to the San Francisco Bay area sales prices are selling well above asking prices with multiple offers due to the very limited inventory. San Diego does not have the same results.

Contact me for more on this!

Home Sales and Prices in California are Lower This Year

California home sales and prices start year lower

California’s housing market started the new year still bearing the scars of 2014’s tight housing inventory and low housing affordability as statewide home sales fell from the previous month and year, according to the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.). Continue reading

News on San Diego’s Home Sales, Market

market“Home sales dropped significantly in January compared to December, according to new housing statistics from the Greater San Diego Association of REALTORS® (SDAR).

“…The number of previously owned single-family homes sold dropped 36 percent in January. Condominiums and townhouses fell similarly. Further, single-family home sales were down about 10 percent compared to January of 2014.

“The silver lining is that prices remain stable. The median price of single-family homes in San Diego County ticked up to an even $500,000, and condos and townhomes were virtually unchanged from December, at $332,000.” (“The median price of single-family homes in San Diego County ticked up to an even $500,000”. San Diego Union-Tribune.  http://www.utsandiego.com/news/2015/feb/16/sdar-home-sales-down-in-volume-up-in-price/. 16 Feb. 2015.)

Read more of this article by U-T San Diego. 

2015 California Housing Market Forecast

What’s predicted to happen in the real estate market this next year?

With more available homes on the market for sale, California’s housing market will see fewer investors and a return to traditional home buyers as home sales rise modestly and prices flatten out in 2015, according to the CALIFORNIA ASSOCIATION OF REALTORS®’ (C.A.R.) “2015 California Housing Market Forecast.” Continue reading

Home Prices increase in San Diego County

Even though the real estate market for the nation as a whole has slowing home prices, San Diego County’s home prices are continuing to increase.

real estate home pricesStandard & Poor’s Case-Shiller Home Price Indices were released earlier this week, showing that in our county, home prices went up 0.8 percent in April 2014. And as of a year ago in April 2013, prices this April picked up 15.3 percent. Continue reading