California Home Sales Declined In August, Reversing Two Months Of Increases.
California home sales in August declined 9.3% from August in 2013.
The California Association of Realtors (C.A.R.) reported this week California home sales declined in August, reversing two months of increases, but the median home price did rise from the previous month. Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 394,280 units in August. This past month marked the 10th straight month that sales were below the 400,000 level and the 13th straight month that sales have declined on a year-over-year basis. Sales in August decreased 1.2 percent from 398,940 in July and were down 9.3 percent from 434,910 in August 2013.
The median price of an existing, single-family detached California home rose 3.3 percent from July’s median price of $464,750 to $480,280 in August and up 8.9 percent from the revised $441,010 recorded in August 2013. The August 2014 price was the highest observed since 2007. The statewide median home price has increased year over year for the previous 30 months, marking more than two full years of consecutive year-over-year price increases. 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. “California’s housing market continues to be bifurcated both geographically and demographically, with the San Francisco Bay Area and high-end housing markets outperforming other regions and market segments,” said C.A.R. Vice President and Chief Economist Leslie Appleton-Young. “A strong job market and barriers to building new housing are creating an imbalance between supply and demand in some housing markets. Buyers who are not impacted by affordability issues are fueling sales in the high-end market, which is putting upward pressure on home prices.” Other key facts from C.A.R.’s August 2014 resale housing report include:
- Housing inventory inched up higher in August, with the available supply of existing, single-family detached homes for sale increasing from 3.8 months in August to 4 months in August. The index was a revised 3 months in August 2013. The index indicates the number of months needed to sell the supply of homes on the market at the current sales rate. A six- to seven-month supply is considered typical in a normal market.
- The median number of days it took to sell a single-family home lengthened in August, up from 35.7 days in July to 39.2 days in August and up from a revised 29.3 days in August 2013.
- Mortgage rates were down for the second straight month in August, with the 30-year, fixed-mortgage interest rate averaging 4.12 percent, down from 4.13 percent in July and down from 4.46 percent in August 2013, according to Freddie Mac. Adjustable-mortgage interest rates in August were also down, averaging 2.37 percent, down from 2.39 percent in July and down from 2.65 percent in August 2013.
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Homebuilder Confidence in U.S. at Record High Since 2005
U.S. homebuilder confidence rose for a fourth consecutive month in
The NAHB reported today that U.S. homebuilder confidence rose for a fourth consecutive month in September to a level of 59 on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI). This latest four-point gain brings the index to its highest reading since November of 2005.”Since early summer, builders in many markets across the nation have been reporting that buyer interest and traffic have picked up, which is a positive sign that the housing market is moving in the right direction,” said NAHB Chairman Kevin Kelly, a home builder and developer from Wilmington, Del.David Crowe”While a firming job market is helping to unleash pent-up demand for new homes and contributing to a gradual, upward trend in builder confidence, we are still not seeing much activity from first-time home buyers,” said NAHB Chief Economist David Crowe. “Other factors impeding the pace of the housing recovery include persistently tight credit conditions for consumers and rising costs for materials, lots and labore to 58. –
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Madison City Wisconsin Won Best City To Live In.
Madison City Wisconsin took top honors by Martin Prosperty Institute.
Madion City Wisconsin took top honors of the best place to live in America in 2014 according to the newly released Top 100 Best Places to Live list by Livability.com, Madison City .Livability’s Top 100 Cities (see full list below), which is the culmination of months of exclusive research into what factors most influence the livability of America’s small to mid-sized cities. More than 30 states are represented, from coast to coast. The study was done in partnership with the research team at the Martin Prosperity Institute. The Institute, directed by Richard Florida, is part of the Rotman School of Management at the University of Toronto and is the leading think-tank on the role of location, place and city-regions in global economic prosperity.
More than 2,000 cities were evaluated in this landmark study. We analyzed more than 40 data points that were then grouped into eight categories – economics, housing, amenities, infrastructure, demographics, social and civic capital, education and health care. The eight scores were weighted based on an exclusive survey conducted for Livability.com by Ipsos Public Affairs, a leading global market research firm. Respondents were asked about factors that make their communities better places to live, as well as the factors they would consider in selecting another city. Every city with a population between 20,000 and 350,000 was considered.”The cities at the top of the list were often home to a major institution like a university, hospital or state capital,” says Matt Carmichael, Livability’s editor. “Institutions like that help these smaller cities compete in terms of sports, culture, jobs and entertainment.” – See more at: http://www.worldpropertychannel.com
Carmel Valley Community Leaders Rejected One Paseo Project.
Carmel Valley Residents Fear One Paseo Project is too dense with a mixed use theme.
Posted by Shannon Biszantz in Biszantz Connection, Coldwell Banker, Economic Real Estate News, Educational for Buyers, International Investments of Interest, International Real Estate News | 0 Comments
Woman Home Buyers Are The Source In Emerging Countries.
Studies find Woman Home Buyers Drive the house-hunting process in most emerging markets worldwide.
Women home buyers are the majority buyers in emerging countries including the Philippines, Bangladesh and Mexico are dispelling the myth that men drive the house-hunting process in these regions.
Lamudi’s research that shows the majority of homebuyers in these countries are women. The figures are based on an analysis of search behavior on the Lamudi website, which is active in 28 countries in the emerging markets.
The analysis reveals that more than 60 percent of homebuyers in Mexico are female, while the majority of house-hunters in the Philippines are women. In Bangladesh couples search for property together, but the final decision is most often made by the female.
Lamudi’s Global Co-Founder and Managing Director, Paul Philipp Hermann, said: “These findings dispel some of the stereotypes around who the typical buyer is in emerging markets, where men are often seen as dominating the house-hunting process. Women in these countries are becoming more active in choosing where their family settles down.”
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