Tag Archives: pending sales

All About the Current California Real Estate Market

Interested in what the real estate market in California is doing?

The CALIFORNIA ASSOCIATION OF REALTORS recently released a few pieces of information on the California housing market. Take a look at their infographics and details here:

Housing affordability went up to 32% in the 1st Quarter of 2017. This means that 32% of California households can afford to buy a median-priced home.


The average price for homes that are selling in California is $478,000. And in April of this year, 401,000 houses sold.


 


Want to chat more about the California real estate, specific buying or selling needs, or other real estate questions? Give me a call! 

John A Silva | (619) 890-3648

Update on California’s Pending Home Sales – July 2016

California pending home sales post third straight annual June

Source: C.A.R.

urban real estate prices, most live in suburbsLed by the San Francisco Bay Area, California pending home sales continued their June to post three straight months of annual increases, according to the CALIFORNIA OF REALTORS® (C.A.R.).

Making sense of the story

  • Statewide pending home sales rose in June on an annual basis, with the Pending Index (PHSI) increasing 3.2 percent from 123.4 in June 2015 to 127.3 in signed contracts. With pending sales on a rising trend in the past couple increase should portend for higher closed transactions in July and August.
  • California pending home sales declined 7.0 percent on a monthly basis compared primarily due to seasonal factors. When adjusting pending sales for typical pending sales were down 3.2 percent from May and up 3.0 percent from June 2015.
  • After trailing behind Southern California and the Central Valley since the the San Francisco Bay Area led the regions, with pending sales increasing across the state.
  • For the Bay Area as a whole, pending sales were up 5.1 percent from June percent from May. The June increase in Bay Area pending sales suggests the region, which had been trailing behind 2015 in closed sales, primarily and tight inventory.
  • Pending home sales in Southern California as a whole rose 3.2 percent from percent from May, thanks to year-over-year gains of 5.5 percent in Los Angeles percent in San Bernardino County, and 1.3 percent in San Diego County.
  • Pending sales in Central Valley posted a gain of 2.6 percent from the previous down 9.3 percent on a month-to-month basis.
  • Orange County experienced a 6.0 percent decrease from the previous year.

Read the full story: http://www.car.org/newsstand/newsreleases/2016releases/june2016pending

Fannie Mae sees housing upturn as “intact”

Despite some bumps in the road, the housing upturn is “intact” and rising home prices are expected to boost household net worth and offset fiscal tightening, according to a monthly economic outlook released by economists at Fannie Mae.

Tight inventories continue to restrain sales of existing homes. Although the number of homes on the market grew by nearly 10 percent from January to February, the 1.94 million homes for sale represented a 19.2 percent decline from the same time a year ago.

Pending sales of existing homes dipped 0.4 percent from January to February, but remained at their second-highest level in nearly three years, according to the NATIONAL ASSOCIATION OF REALTORS®.Fannie Mae

New-home sales also slipped from January to February and builder confidence was down for the second month in a row in March. But housing starts reached a near five-year high in February and new-home sales climbed 12.3 percent year-over-year.

Fannie Mae economists project that existing-home sales, which were up 9.4 percent last year, wlll grow by an additional 10.5 percent this year, to 5.15 million homes, and by 6.2 percent in 2014, to nearly 5.5 million homes. Sales of new single-family homes are expected to post even stronger growth — 15.1 percent this year and 44.1 percent in 2014. Continue reading

NAR: 2012 home sales will be strongest in past 5 years

The NATIONAL ASSOCIATION OF REALTORS® is predicting existing-home sales will jump 7 to 10 percent in 2012 to the highest level in five years, based on an “uneven but higher sales pattern” so far this year.

Pending home sales fell a seasonally adjusted 0.5 percent from January to February, which was up 9.2 percent from the same time a year ago, NAR said in releasing its latest Pending Home Sales Index.

NAR also reported a similar trend for existing-home sales, which were down 0.9 percent from January to February, but up 8.8 percent from a year ago.

The pending sales data released today provides a glimpse into more recent trends, because it tracks homes that were under contract in February — deals that will in most cases be finalized within one or two months.

NAR said 31 percent of REALTORS® experienced contract failures in February, in some cases because buyers’ mortgage applications were rejected or because appraisals came in below the negotiated price.

In the Northeast, NAR’s index slipped a seasonally adjusted 0.6 percent from January but was up 18.4 percent from a year ago.

The Midwest saw a month-over-month gain of 6.5 percent and a 19 percent gain from a year ago.

Pending home sales fell 3 percent in the South from January to February, but were up 7.8 percent from a year ago.

In the West, the index declined 2.6 percent from January to February and was 1.8 percent below the index rating in February 2011.

In its latest economic forecast, NAR predicts existing-home sales will total 4.65 million in 2012, up 9.1 percent from last year. That forecast assumes that the U.S. economy will grow at a 2.3 percent annual rate and add 2.7 million jobs this year.