California Association of Realtors released their May resale numberse again, there are big increases - not only number of homes sold – but a huge INCREASE in the median price for the 3rd month in a row (and the largest month over month increase since 1979) – and another decrease in supply (well under 6 months). The California Housing Comeback is definitely here and gathering momentum. This is big news… but no one is reporting it!
If you are an investor or buyer looking for great foreclosure deals, before they are gone, you really need to get off the fence NOW. Make sure you don't miss my FREE Foreclosure Investor Webinar TOMORROW, Tuesday, June 30th, 6pm PDT (9pm EST) where I will discuss how to make serious money buying low and selling quickly, without needing any of your own money. Make sure you register early as we have limited free space from our conference provider. MORE HERE or call 800-310-7730 x2
Here are the highlights:
-
Existing, single-family home sales increased 35.2 percent in May to a seasonally adjusted rate of 556,590 on an annualized basis.
-
The statewide median price of an existing single-family home increased 4.2 percent in May to $267,570, compared with April 2009.
-
C.A.R.’s Unsold Inventory Index fell to 4.2 months in May, compared with 8.7 months in May 2008.
“With affordability for first-time buyers at a record high, sales of existing, single-family homes continued to remain above the 500,000 level for the ninth consecutive month,” said C.A.R. President James Liptak. “Buyers are beginning to realize that the combination of favorable home prices, historically low mortgage rates, and first-time home buyer tax credits, may not align again for many years.
“The sales gains over last year have diminished in recent months,” he added. “This trend is expected to continue through the end of the year, as limited inventory at the moderate and low end of the market constrains sales activity,” he said.
Closed escrow sales of existing, single-family detached homes in California totaled 556,590 in May 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 35.2 percent from the revised 411,770 sales pace recorded in May 2008. Sales in May 2009 increased 2.9 percent compared with the previous month.
The median price of an existing, single-family detached home in California during May 2009 was $267,570, a 30.4 percent decrease from the revised $384,540 median for May 2008, C.A.R. reported. The May 2009 median price rose 4.2 percent compared with April’s $256,700 median price.
“The statewide median price rose for the third consecutive month in May, posting the largest monthly increase on record for the month of May, according to statistics dating back to 1979,” said C.A.R. Chief Economist Leslie Appleton-Young. “Nearly all regions in the state reported positive month-to-month changes in median price.
“Inventory levels are well below the long-run average of seven months, which may account for the increase in median price,” added Appleton-Young. “Although the state continues to operate in a bifurcated market, improved access to lending and price adjustments have led to increased activity in the high-end segment,” she added.
Highlights of C.A.R.’s resale housing figures for May 2009:
-
C.A.R.’s Unsold Inventory Index for existing, single-family detached homes in May 2009 was 4.2 months, compared with 8.7 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 4.86 percent during May 2009, compared with 6.04 percent in May 2008, according to Freddie Mac. Adjustable-mortgage interest rates averaged 4.75 percent in May 2009, compared with 5.24 percent in May 2008.
-
The median number of days it took to sell a single-family home was 53.5 days in May 2009, compared with 49.2 days (revised) for the same period a year ago.
In a separate report covering more localized statistics generated by C.A.R. and DataQuick Information Systems, nine of the 353 cities and communities reporting showed an increase in their respective median home prices from a year ago. DataQuick statistics are based on county records data rather than MLS information. DataQuick Information Systems is a subsidiary of Vancouver-based MacDonald Dettwiler and Associates. (The lists are generated for incorporated cities with a minimum of 30 recorded sales in the month.)
Note: Large changes in local median home prices typically indicate both local home price appreciation, and often, large shifts in the composition of housing market activity. Some of the variations in median home prices for April may be exaggerated due to compositional changes in housing demand. The DataQuick tables listing median home prices in California cities and counties are accessible through C.A.R. Online Here.
See May 2009 Regional Sales and Price Activity State Chart Here.
More Housing News Coming this Week:
S&P Case-Shiller Housing Price Index: Despite the significance of U.S. home price data, this index holds a two-month lag, meaning data released Tuesday will actually be from April. This lag marginally reduces the index's importance compared to some of the other more timely housing market indicators.
Pending Home Sales: A strong number in this index would help support the case of a recovery in the U.S. housing market, which could have a moderate impact on trading, and is a good indicator of sentiment nonetheless.
Don't Forget: A Must Not Miss Event! My FREE Foreclosure Investor Webinar is TOMORROW, Tuesday, June 30th, 6pm PDT (9pm EST) where I will discuss how to make serious money buying low and selling quickly, without needing any of your own money. Make sure you register early as we have limited free space from our conference provider. MORE HERE or call 800-310-7730 x2
|
|
|
|
|
 |
