LOS ANGELES (Sept. 25) – Home sales increased 9 percent in August in California compared with the same period a year ago, while the median price of an existing home declined 16.9 percent, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) reported today.“First-time buyers continue to be the driving force in home sales throughout the state,” said C.A.R. President James Liptak.
“The federal tax credit, which has helped more than 1.4 million people become first-time homeowners nationally, is set to expire Nov. 30. The tax credit is a proven economic stimulus that clearly is working, and should be extended through 2010 and expanded to include all home buyers,”
Liptak said.Closed escrow sales of existing, single-family detached homes in California totaled 526,970 in August at a seasonally adjusted annualized rate, according to information collected by C.A.R. from more than 90 local REALTOR® associations statewide. Statewide home resale activity increased 9 percent from the revised 483,400 sales pace recorded in August 2008.
Sales in August 2009 decreased 5.1 percent compared with the previous month.The statewide sales figure represents what the total number of homes sold during 2009 would be if sales maintained the August pace throughout the year.
It is adjusted to account for seasonal factors that typically influence home sales.The median price of an existing, single-family detached home in California during August 2009 was $292,960, a 16.9 percent decrease from the revised $352,730 median for August 2008, C.A.R. reported. The August 2009 median price rose 2.6 percent compared with July’s $285,480 median price.“The statewide median price rose for the sixth consecutive month in August,” said C.A.R. Vice President and Chief Economist Leslie-Appleton-Young.
“Recent price gains are consistent with the low inventory levels of the past few months. Levels of distressed properties remain high, but have declined compared with earlier in the year, and are one reason why inventory levels are running below the state’s long-run average of 7.2 months.“Sales have exceeded 500,000 homes for 12 consecutive months, and now are 38 percent higher on a year-to-date basis compared with 2008,” said Appleton-Young.
“Sales continue to be boosted by the large number of distressed properties on the market, along with favorable interest rates.”Highlights of C.A.R.’s resale housing figures for August 2009:. C.A.R.’s Unsold Inventory Index for existing, single-family detached homes in August 2009 was 4.3 months, compared with 7 months (revised) for the same period a year ago. The index indicates the number of months needed to deplete the supply of homes on the market at the current sales rate..
Thirty-year fixed-mortgage interest rates averaged 5.19 percent during August 2009, compared with 6.48 percent in August 2008, according to Freddie Mac. Adjustable-mortgage interest rates averaged 4.72 percent in August 2009, compared with 5.26 percent in August 2008.. The median number of days it took to sell a single-family home was 35.2 days in August 2009, compared with 47.6 days (revised) for the same period a year ago.Regional MLS sales and price information are contained in the tables that accompany this press release.
Regional sales data are not adjusted to account for seasonal factors that can influence home sales. The MLS median price and sales data for detached homes are generated from a survey of more than 90 associations of REALTORS® throughout the state. MLS median price and sales data for condominiums are based on a survey of more than 60 associations. The median price for both detached homes and condominiums represents closed escrow sales.
Wednesday, September 30, 2009
Sunday, September 27, 2009
New US home sales rise 0.7% in August
While it was the fifth straight increase and the strongest report in 11 months, sales were 4.3 percent lower than the same month last year. Sales have risen 30 percent from the bottom in January, but are off about 70 percent from the peak of four years ago.The report was the second straight disappointing sign for the U.S. housing market, which is struggling to emerge from the most severe bust in generations.
On Thursday, the National Association of Realtors said sales of previously occupied homes, which make up the bulk of the market, dipped 2.7 percent last month.Builders continue to make severe cuts in prices to attract buyers.
The median sales price of $195,200 was off 11.7 percent from $221,000 a year earlier, and 9.5 percent below July's level of $215,600. That was the largest monthly drop on records dating to 1963.There were 262,000 new homes for sale at the end of August, down more than 3 percent from July and the lowest in nearly 17 years. At the current sales pace, that represents 7.3 months of supply -- the smallest amount since early 2007.
The decline means builders have scaled back construction to the point where supply and demand are coming into balance.Buyers, meanwhile, are rushing to take advantage of a federal tax credit that covers 10 percent of the home price, or up to $8,000 for first-time owners. Home sales must be completed by the end of November for buyers to qualify. Builders and real estate agents are pressing Congress for that credit to be extended.Sales varied dramatically around the country.
The best performance was in the West, where sales rose more than 12 percent, and the worst was in the Northeast, where sales sank more than 16 percent.
They were unchanged in the South, and down nearly 6 percent in the Midwest.Meanwhile, major builder KB Home posted a smaller third-quarter loss of $66 million on Friday as it reduced costs and said new home orders increased. Still, the results missed analysts' expectations.
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Copyright © 2009, The Los Angeles Times
On Thursday, the National Association of Realtors said sales of previously occupied homes, which make up the bulk of the market, dipped 2.7 percent last month.Builders continue to make severe cuts in prices to attract buyers.
The median sales price of $195,200 was off 11.7 percent from $221,000 a year earlier, and 9.5 percent below July's level of $215,600. That was the largest monthly drop on records dating to 1963.There were 262,000 new homes for sale at the end of August, down more than 3 percent from July and the lowest in nearly 17 years. At the current sales pace, that represents 7.3 months of supply -- the smallest amount since early 2007.
The decline means builders have scaled back construction to the point where supply and demand are coming into balance.Buyers, meanwhile, are rushing to take advantage of a federal tax credit that covers 10 percent of the home price, or up to $8,000 for first-time owners. Home sales must be completed by the end of November for buyers to qualify. Builders and real estate agents are pressing Congress for that credit to be extended.Sales varied dramatically around the country.
The best performance was in the West, where sales rose more than 12 percent, and the worst was in the Northeast, where sales sank more than 16 percent.
They were unchanged in the South, and down nearly 6 percent in the Midwest.Meanwhile, major builder KB Home posted a smaller third-quarter loss of $66 million on Friday as it reduced costs and said new home orders increased. Still, the results missed analysts' expectations.
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Copyright © 2009, The Los Angeles Times
Friday, September 4, 2009
July Sales and Price Report
July sales and price report
Existing, single-family home sales increased 12 percent in July to a seasonally adjusted rate of 553,910 on an annualized basis.· The statewide median price of an existing single-family home increased 3.9 percent in July to$285,480, compared with June 2009.·
C.A.R.’s Unsold Inventory Index fell to 3.9 months in July, compared with 6.9 months in July 2008.
LOS ANGELES (Aug. 25) – Home sales increased 12 percent in July in California compared with the same period a year ago, while the median price of an existing home declined 19.6 percent, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) reported today.
“The federal tax credit for first-time buyers played a critical role in the purchase decision of many buyers,” said C.A.R. President James Liptak.
“Nearly 40 percent of first-time buyers said they would not have purchased a home if the tax credit was not offered.“Because the tax credit has helped so many first-time buyers become homeowners, it is critical that Congress extends the credit beyond the Dec. 1 deadline, and includes all buyers, not just first-timers.”
Closed escrow sales of existing, single-family detached homes in California totaled 553,910 in July at a seasonally adjusted annualized rate, according to information collected by C.A.R. from more than 90 local REALTOR® associations statewide.
Statewide home resale activity increased 12 percent from the revised 494,390 sales pace recorded in July 2008. Sales in July 2009 increased 8.1 percent compared with the previous month.
The statewide sales figure represents what the total number of homes sold during 2009 would be if sales maintained the July pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.
The median price of an existing, single-family detached home in California during July 2009 was $285,480, a 19.6 percent decrease from the revised $355,000 median for July 2008, C.A.R. reported.
The July 2009 median price rose 3.9 percent compared with June’s $274,740 median price.“July marked the fifth consecutive month of month-to-month increases in the median price,” said C.A.R. Vice President and Chief Economist Leslie Appleton-Young.
“This was the largest increase on record for the month of July based on statistics dating back to 1979. The yearly decline in July also was the smallest in the past 19 months.“Favorable home prices in the low end of the market continue to propel sales of homes priced less than $500,000,” said Appleton-Young.
“This price segment now accounts for 74 percent of the market share compared with just 43 percent prior to the start of the credit crunch. The high-end segment continues to experience elevated inventories and declines in the median price as financing for jumbo loans and unrealistic sellers challenge the market.”
Highlights of C.A.R.’s resale housing figures for July 2009:. C.A.R.’s Unsold Inventory Index for existing, single-family detached homes in July 2009 was 3.9 months, compared with 6.9 months (revised) for the same period a year ago. The index indicates the number of months needed to deplete the supply of homes on the market at the current sales rate..
Thirty-year fixed-mortgage interest rates averaged 5.22 percent during July 2009, compared with 6.43 percent in July 2008, according to Freddie Mac. Adjustable-mortgage interest rates averaged 4.82 percent in July 2009, compared with 5.24 percent in July 2008.. The median number of days it took to sell a single-family home was 39.9 days in July 2009, compared with 47.8 days (revised) for the same period a year ago.
Regional MLS sales and price information are contained in the tables that accompany this press release. Regional sales data are not adjusted to account for seasonal factors that can influence home sales. The MLS median price and sales data for detached homes are generated from a survey of more than 90 associations of REALTORS® throughout the state. MLS median price and sales data for condominiums are based on a survey of more than 60 associations.
Existing, single-family home sales increased 12 percent in July to a seasonally adjusted rate of 553,910 on an annualized basis.· The statewide median price of an existing single-family home increased 3.9 percent in July to$285,480, compared with June 2009.·
C.A.R.’s Unsold Inventory Index fell to 3.9 months in July, compared with 6.9 months in July 2008.
LOS ANGELES (Aug. 25) – Home sales increased 12 percent in July in California compared with the same period a year ago, while the median price of an existing home declined 19.6 percent, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) reported today.
“The federal tax credit for first-time buyers played a critical role in the purchase decision of many buyers,” said C.A.R. President James Liptak.
“Nearly 40 percent of first-time buyers said they would not have purchased a home if the tax credit was not offered.“Because the tax credit has helped so many first-time buyers become homeowners, it is critical that Congress extends the credit beyond the Dec. 1 deadline, and includes all buyers, not just first-timers.”
Closed escrow sales of existing, single-family detached homes in California totaled 553,910 in July at a seasonally adjusted annualized rate, according to information collected by C.A.R. from more than 90 local REALTOR® associations statewide.
Statewide home resale activity increased 12 percent from the revised 494,390 sales pace recorded in July 2008. Sales in July 2009 increased 8.1 percent compared with the previous month.
The statewide sales figure represents what the total number of homes sold during 2009 would be if sales maintained the July pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.
The median price of an existing, single-family detached home in California during July 2009 was $285,480, a 19.6 percent decrease from the revised $355,000 median for July 2008, C.A.R. reported.
The July 2009 median price rose 3.9 percent compared with June’s $274,740 median price.“July marked the fifth consecutive month of month-to-month increases in the median price,” said C.A.R. Vice President and Chief Economist Leslie Appleton-Young.
“This was the largest increase on record for the month of July based on statistics dating back to 1979. The yearly decline in July also was the smallest in the past 19 months.“Favorable home prices in the low end of the market continue to propel sales of homes priced less than $500,000,” said Appleton-Young.
“This price segment now accounts for 74 percent of the market share compared with just 43 percent prior to the start of the credit crunch. The high-end segment continues to experience elevated inventories and declines in the median price as financing for jumbo loans and unrealistic sellers challenge the market.”
Highlights of C.A.R.’s resale housing figures for July 2009:. C.A.R.’s Unsold Inventory Index for existing, single-family detached homes in July 2009 was 3.9 months, compared with 6.9 months (revised) for the same period a year ago. The index indicates the number of months needed to deplete the supply of homes on the market at the current sales rate..
Thirty-year fixed-mortgage interest rates averaged 5.22 percent during July 2009, compared with 6.43 percent in July 2008, according to Freddie Mac. Adjustable-mortgage interest rates averaged 4.82 percent in July 2009, compared with 5.24 percent in July 2008.. The median number of days it took to sell a single-family home was 39.9 days in July 2009, compared with 47.8 days (revised) for the same period a year ago.
Regional MLS sales and price information are contained in the tables that accompany this press release. Regional sales data are not adjusted to account for seasonal factors that can influence home sales. The MLS median price and sales data for detached homes are generated from a survey of more than 90 associations of REALTORS® throughout the state. MLS median price and sales data for condominiums are based on a survey of more than 60 associations.
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