California Association of Realtors
Housing Affordability California
3rd Quarter Housing Affordability
• 28% of California households could afford to purchase the $555,680
median-priced home in the third quarter of 2017, down from 29% in
second-quarter 2017 and down from 31% in the third-quarter 2016.
• A minimum annual income of $112,100 was needed to make the
monthly payments of $2,800, including principal interest, and taxes on a
30-year fixed-rate mortgage at a 4.16% interest rate.
• 38% of Riverside County households could afford to purchase the
$387,000 median-priced home in the third quarter. An annual income of
$78,070 was needed to make the monthly payments of $1,950.
• 51% of San Bernardino County households could afford to purchase the
$270,000 median-priced home in the third quarter. An annual income of
$54,470 was needed to make the monthly payments of $1,360.
• 26% of San Diego County households could afford to purchase the
$607,000 median-priced home in the third quarter. An annual income of
$122,460 was needed to make the monthly payments of $3,060.
• During the third quarter of 2017, the most affordable counties in
California were Tehama (56%), Kern (53%), and Kings, (52%).
• During the third quarter of 2017, the least affordable counties in
California were San Francisco (13%), San Mateo (15%), Santa Clara and
Santa Cruz, (both at 17%), and Marin (18%).
from CAR.ORG December 2017
California Housing Market Forecast 2018
California Housing Market Forecast 2018
With the economy expected to continue growing, housing demand should remain strong and incrementally boost California’s housing market in 2018, though a shortage of available homes for sale and affordability constraints will be a challenge, according to the 2018 California Housing Market Forecast, released by California Association of Realtors (C.A.R.).
“Solid job growth and favorable interest rates will drive a strong demand for housing next year,” said C.A.R. President Geoff McIntosh. “However, a persistent shortage of homes for sale and increasing home prices will dictate the market as housing affordability diminishes for buyers struggling to get into the market.”
- The forecast sees a modest gain in existing single-family home sales of 1.0% next year, up slightly from the projected sales figure of 421,900 units for 2017. The 2017 figure is 1.3% higher compared to 2016.
- The average for 30-year, fixed mortgage interest rates will increase slightly to 4.3% in 2018, up from 4.0% in 2017 and 3.6% in 2016, but still will remain low by historical standards.
- The California median home price is forecast to increase 4.2% to $561,000 in 2018, following a projected 7.2% increase in 2017 to $538,500.
All information deemed reliable but not guaranteed. Taken from CAR.org 10/17/17
California Median Home Price
April Home Sales and Price Report
Statewide median home price climbs,
breaking $500,000 for first time in nine years!
April’s statewide median home price was $509,100, up 5.3% from March and 5.1% from April 2015.
C.A.R.’s Unsold Inventory Index, which indicates the number of months needed to sell the supply of houses currently on the market at the current sales rate, slipped to 3.5 months. A 6-to-7 month supply is considered typical in a normal market.
According to C.A.R.’s sales to list price ratio, tight inventories appear to be driving final sold prices closer to listing prices, with sales prices rising to 99.3% of listing prices statewide.
The median number of days it took to sell a single-family home fell in April to 27.7 days, compared to 29.9 days in March.
Taken from CAR.org 5-18-16 All information deemed reliable but not guaranteed. For tax, investment or ownership advice we suggest you contact an attorney or certified public accountant.
Median = half more/half less
Find out what this means to the value of your home in Southwest Riverside County. Temecula, Murrieta, Menifee, Hemet, Winchester, Wildomar, Lake Elsinore & French Valley. We are available by phone, text and email (951) 522-0518, april@teamgreer.com
Southern California Home Sale Statistics
JUNE RE CAP of Southland Home Sales
Cash Buyer accounted for 22.3% of June 2015 home sales. That was down from June 2014 when cash buyers were at 25.9% of the market. The peak was 36.9% in February 2013. Since 1988 the monthly average for cash buyers is about 17% of all sales.
Absentee buyers (investors and second home purchasers) bought 21.1% of Southland homes sold in June 2015. The peak was 32.4% in January 2013. The monthly average for absentee buyers since 2000 is about 19.0%.
The median price paid for all Southern California homes sold in June 2015 was $442,000. That is 12.5% below the peak median price of $505,000 reached in March, April, May and June of 2007.
Foreclosure re-sales (properties foreclosed on in the prior 12 months) represented only 3.8% of the Southland re-sale market in June 2015. That was down from 4.6% in June 2014. Foreclosure resales peaked at 56.7% in February 2009.
Short sales made up an estimated 3.1% of Southland re-sales in June 2015. That was down from 4.6% a year earlier.
Home Sales of $500,000 or more accounted for 41.7% of all Southland home sales in June 2015, which is up from 37.9% for June of last year and is the highest level for any month since September 2007 when it was at 44.4%.
Taken from CoreLogic.com July 19, 2015
Real Estate in your area is constantly changing…if you live or want to live in the Temecula Valley we are just a phone call away at 951-522-0518 or april@teamgreer.com
California Home Prices 2015
May 2015 home sales and price report- taken from car.org 6-15-15
California home sales soften in May but spring home-buying season continues momentum.
- Existing, single-family home sales totaled 423,360 in May Statewide. That was down 1.1% from April but up 8.9% from May 2014.
- Statewide sales were above the 400,000 mark for a second straight month.
- May statewide median home price was $485,830, up 0.8% from April and 4.4% from May 2014.
- California median home price was the highest since November 2007.
- Available housing supply remains constrained with 3.5 months of inventory. 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 statewide fell in May, down from 34.3 days in April to 28.5 days in May and 31.8 days in May of 2014.
- Statewide, sales-to-list price ratio market indicator suggests that homes are selling for 99% of the list price, essentially flat compared to May of 2014 at 98.8%.
Thinking about a purchase or sale in The Temecula Valley and how this information applies to your plans? Call us at 951-522-0518. We’ve been connecting qualified buyers and sellers in the valley since 1998!
SENATE BILL 30 Mortgage Debt Forgiveness
California Association of Realtors (CAR) has been fighting to protect underwater homeowners from facing state income tax on debt forgiven in a short sale.
Recently CAR received clarification from the IRS and the Franchise Tax Board that debt forgiven in a short sale is not income. Therefore, CAR will not be pursuing the short sale debt forgiveness provisions in SB 30.
Thanks very much to thousands of REALTORS who fought for their clients by responding to this issue. And yes, we were 2 of them.
A lot has changed on the short sale front. In fact many of the lenders are NOT even requiring that you prove a financial hardship in order to get your short sale approved. For a private and confidential consultation at our office for what steps to take to short sale your home, call or email April Greer at (951) 522-0518 or april@teamgreer.com
