Tag Archives: real estate 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

Home sellers are feeling good about real estate prices

Up from the previous year, sellers in 2013 are feeling pretty good about the current level of home prices.

43% of sellers think that real estate prices will move up in a year (while in 2012 only 9% thought that way). With time, home sellers tend to think that home prices are even more likely to rise; 58% of sellers in 2013 Continue reading

Urban Real-Estate Prices Are Booming, but Most People Live in Suburbs

urban real estate prices, most live in suburbsDuring the past year, urban real estate prices have increased faster than suburban prices, leading some to speculate there has been a Renaissance in city living. However, the suburbs continue to outpace cities in population growth in light of the fact that there is more room to build and grow in the suburbs than a dense city. Continue reading

Home prices in San Diego up 9%

San Diego home prices ended 2012 with a bang, mirroring a trend seen in other major U.S. metro areas.

The price of a local home sold in December rose 9 percent from the same time a year ago, based on the S&P/Case-Shiller home price report released on Tuesday. That boost is the highest year-ago increase for any given month since July 2010. Values have risen 11 straight months, Case-Shiller data show…


…What’s behind the uptick?

In San Diego, rising sales and a smaller inventory of available homes are driving up price.

Inventory here is near a 52-month low, with about 4,200 active home listings in the county, according to numbers from the San Diego Association of Realtors…

Read more of this article by U~T San Diego here: San Diego home prices up 9%

No rise in US real estate prices before 2014?

Two prominent home-price indices continued to show declines in September and October, with one outlook indicating no more than flat growth in the next two years.

A home-price index report from loan data aggregator Lender Processing Services showed the national average sales price for single-family homes fell 4.4 percent year over year and 1.2 percent month to month in September, to $202,000.

LPS’ Home Price Index, launched in July, tracks monthly sales in more than 13,500 ZIP codes. Within each ZIP code, the index shows historical price changes for five home-price levels, including entry-level, middle-market and high-end homes.

Prices declined on a monthly basis in all ZIP codes covered by LPS. The top 20 percent of homes (selling for more than $317,000) saw a slightly smaller monthly decline, 1.2 percent, than the lowest 20 percent (selling for less than $102,000), which saw a 1.4 percent drop.

“Home prices in September were consistent with the seasonal pattern that has been occurring since 2009,” said Kyle Lundstedt, LPS Applied Analytics’ managing director, in a statement.Real estate prediction for 2012

“Each year, prices have risen in the spring, but revert in autumn to a downward trend that has not only erased the gains, but has led to an average 3.7 percent annual drop in prices to date. The partial data available for October suggests a further approximate decline of 1.1 percent.”

A report released by property data firm CoreLogic bears out the monthly decline in October. For the third straight month, nationwide single-family home prices fell on both a monthly and yearly basis, dropping 1.3 percent from September and 3.9 percent from October 2010. Excluding distressed sales (short sales and real estate owned home sales, also known as REOs), October’s index fell 0.5 percent from a year ago.

“Home prices continue to decline in response to the weak demand for housing. While many housing statistics are basically moving sideways, prices continue to correct for a supply and demand imbalance. Looking forward, our forecasts indicate flat growth through 2013,” said Mark Fleming, chief economist for CoreLogic, in a statement.

The index was down 32 percent in October from an April 2006 peak. Excluding distressed sales, the drop was 22.4 percent. CoreLogic’s index is based on 30 years of data for repeat sales transactions, and “price, time between sales, property type, loan type and distressed sales.”

Among the 10 most populous metropolitan areas in the country, six saw index declines in October. Only Washington, D.C., and New York-White Plains-Wayne, N.Y.-N.J., saw index increases above 1 percent. When distressed sales were excluded, six experienced index increases.

Most states, 34, experienced year-over-year index drops in October. Ten states and Washington, D.C., saw index rises of more than 1 percent. West Virginia led the way with a 4.8 percent annual rise.

At the other end of the spectrum, Nevada was the only state to see a double-digit index drop in October, down 12.1 percent. When distressed sales were excluded, 28 states and Washington, D.C., saw flat or rising home prices. South Carolina posted the biggest increase, up 4.6 percent.