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Real Estate Market Update – March 2017

California Sales Report

The real estate market in California showed strong gains in both single-family sales and the median price.California real estate market update March 2017

This infographic and information is from THE CALIFORNIA ASSOCIATION OF REALTORS at CAR.org.

Money Monday: Home sales up in California

California home sales register nominal annual increase in September

Source: C.A.R.

urban real estate prices, most live in suburbsCalifornia existing home sales ticked up in September on a year-over-year basis for the first time in seven months as a shortage of homes available for sale continues to hold back the market, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) said today.

Making sense of the story

  • Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 425,680 units in September, 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 September pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.
  • The September figure was up 1.3 percent from the revised 420,360 level in August and up 0.8 percent compared with home sales in September 2015 of a revised 422,360. Home sales remained above the 400,000 pace for the sixth straight month, and the year-over-year increase was the first since January.
  • “While higher sales both on a monthly and an annual basis is a glimmer of good news, with most of the home-buying season behind us for 2016, it’s not enough to tip the scales for an increase above 2015’s sales pace,” said C.A.R. President Pat “Ziggy” Zicarelli. “With listings continuing to decline and demand still strong, especially at the lower end of the market, affordability will remain a challenge for would-be buyers.”
  • The statewide median price remained above the $500,000 mark for the sixth straight month, with minimal signs of cooling down outside of a few select markets. The median price of an existing, single-family detached California home was down 2.3 percent in September to $514,320 from $526,580 in August. September’s median price increased 6.1 percent from the revised $484,670 recorded in September 2015. The median sales price is the point at which half of homes sold for more and half sold for less; it is influenced by the types of homes selling, as well as a general change in values. The monthly price decline is primarily due to seasonal factors.

Full story: www.car.org/newsstand/newsreleases/2016releases/september2016sales

San Diego Real Estate in 2014 Ended Positively

2014 saw increases in both the number and the median price of homes sold

urban real estate prices, most live in suburbsFor the first time since September 2013, real estate in San Diego County had an uptick in both the amount of homes sold and the average price received for those homes.

At the end of the year, $440,000 was the median price for a house in San Diego county. A year ago in December, CoreLogic DataQuick had reported a median price 4.8 percent lower. And when compared to sales in December 2013, this December saw 191 more homes close escrows, at the amount of 3,290 transactions.

Compared to just the month before, December had an 23 percent increase in the quantity of transactions, over the 2,675 in November 2014.

Read more about CoreLogic DataQuick’s findings on the San Diego Union Tribune article here.

Buyer demand continues into October

first-time-home-buyer

An analysis of listings data released by Realtor.com suggests that homes continued to turn over quickly in October, in defiance of seasonal patterns and in spite of price increases driven by inventory shortages in many markets.

The 1.9 million homes listed on realtor.com during October had been on the market for 94 days on average — up slightly from 93 days in September, but down 11.3 percent from a year ago, indicating demand for housing remains strong. Realtor.com rival Zillow reported a similar trend. Continue reading

California home prices are at a 4-year high

Persistently declining for-sale home inventory helped push the median price of California homes up to its highest level in four years in August, according to a report by the CALIFORNIA ASSOCIATION OF REALTORS®.

Closed sales of existing single-family homes in the Golden State also saw gains, rising 2.3 percent on an annual basis in August to a seasonally adjusted annualized rate of 511,240 units. That’s a 3.4 percent decline from July, but the fifth straight month to see a year-over-year increase.

“A lack of inventory remains an issue, as the housing supply fell more than 30 percent from last year,” said LeFrancis Arnold, the Association’s president, in a statement.

“Inventory levels are at the lowest levels we’ve seen in seven years, and we are starting to see the supply shortage conditions having a negative impact on sales in the Central Valley and the Inland Empire, where REO (real estate owned) properties are in short supply.”

For-sale inventory fell to a supply of 3.2 months at the current sales pace in August, down from a revised 3.5 months in July and a revised 5.2 months in August 2011, C.A.R. said. A supply of six months is considered to be a “normal” market where buyer and seller demand is roughly equal. Last month, only homes selling for more than $1 million were in normal territory with a supply of 6.1 months. Homes under $300,000 had the lowest inventory, with a supply of 2.8 months.

home prices up in real estateIt took a median 41.1 days to sell a single-family home in August, down from 43.2 days in July and a revised 52.5 days a year ago.

The median price of an existing single-family home rose for the sixth straight month in August, up 15.5 percent year over year to $343,820. That’s a 3 percent increase from July, the largest annual price jump in more than two years, and the highest median since August 2008.

“The median price is gaining in part because of a shift in the mix of what is selling,” said CAR Chief Economist Leslie Appleton-Young in a statement. “The increasing share of sales in higher-priced coastal markets at the expense of the inventory-scare distressed markets has been the primary factor in fueling the statewide median price.”

Higher-priced markets with a “robust economy” are experiencing strong demand and posting double-digit year-over-year price increases, but sales were stagnant or declined in lower-priced markets that rely more on distressed properties, Appleton-Young said.

Sales of homes under $200,000 saw a 13.6 percent year-over-year decrease in August, while sales in every other price range rose. Homes above $500,000 saw the biggest jump, nearly 30 percent.