Real Estate Data
Millennials Buying Up Real Estate
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Southern California Sales
The median price paid for all Southern California homes sold in December 2017 was $507,000, a new all-time high that surpasses the previous peak of $505,000.
Absentee buyers (investors and second home purchasers) bought 22.9% of Southland homes sold in December 2017. The peak was 32.2% in February 2013. The monthly average for absentee buyers since 2000 is about 18.0%.
The number of homes that sold for $500,000 or more in December 2017 accounted for 51.3% of all sales. That is up from 45.4% in December 2016.
Foreclosure re-sales (properties foreclosed on in the prior 12 months) represented 1.4% of the Southland re-sale market in December 2017. That was down from 2.9% in December 2016. Foreclosure resales peaked at 56.7% in February 2009.
Federal Housing Administration (FHA) Loans made up 16.1% of all home purchase loans in Southern California in December 2017. Riverside and San Bernardino counties experienced the region’s highest FHA share in December at 25.1% and 26.9% respectively.
Just Released from DQNews January 30th, 2018
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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
Southern California Home Sales
Southern California July 2016 Home Sales Volume Dips, however-
Median Sale Price Steady Month to Month and Up Year Over Year (*Median Price 7-15/7-16)
The typical mortgage payment that Southern California home buyers committed to in July 2016 was $1,662, down slightly from $1,683 in July 2015. Adjusted for inflation, the July 2016 payment was 43.6% below the $2,946 in July of 2007.
Cash Buyers accounted for 19.6% of July 2016 home sales. That is the lowest level for any month since October 2008. Cash sales peaked in February 2013 at 37.5% of the market. The monthly average for cash buyers since 1988 is about 16%.
Absentee buyers (investors and second home purchasers) bought 19.9% of South land homes sold in July 2016. The peak was 32.2% in February 2013. The monthly average for absentee buyers since 1988 is about 18.0%.
The median price paid for all Southern California homes sold in July 2016 was $465,000. That was the highest for any month since August 2007 when it was $500,000.
Home Sales of $500,000 or more accounted for 45% of all sales in July 2016, up from 40.6 in July 2015. The July share of homes selling for $500,000 or more was the highest for any month since the credit crunch hit in August 2007 when the $500,000-plus share was 49.4%.
*Median Price=half more/half less. * All information deemed reliable but not guaranteed. For tax, ownership or investment advice we suggest you contact an attorney or certified public accountant. Taken from CoreLogic.com
Looking to make a move in or out of Temecula, Murrieta, Wildomar, Hemet, Winchester, Menifee, or Lake Elsinore? We’re your answer to how to keep it stress free. Call, text or email with any questions to april@teamgreer.com or (951) 522-0518.
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
California Home Sales Data
Solid housing market conditions as California pending home sales dial higher from year ago for the fifth straight month (April 2015).
Pending home sales data:
California pending homes sales were up 13.6% on an annual basis from the 114 index recorded in April 2014, marking the fifth straight month of year-to-year gains and the third straight month of double digit advances. Pending home sales in Southern California were down 10.4% in April to reach an index of 103.5, but were up 13.5% from the April 2014 index of 91.2.
Equity and distressed housing market data:
The share of equity sales edged up in April to make up 91.9% of all home sales, the highest level since 2007. Equity sales made up 91% of all home sales in March and 88.3% in April 2014. The share of equity sales has been at or near 90% since mid-2014.
April REALTOR Market Pulse Survey:
The share of sales closing above asking price has been on an upward trend for three straight months, indicating the return of bidding wars in some local markets. In April 36% of transactions closed above asking price, up from the lowest point of 16% in January 2015. In April homes that sold above asking price sold for an average of 10% above asking price. Homes that sold below asking price sold for an average of 11% below asking price. The share of properties receiving multiple offers increased for the fourth straight month. Seventy-two percent of properties received multiple offers in April. The average numbers of offers on a property was 3.6, up from 2.7 in March.
April pending home sales and Market Pulse Survey- taken from car.org 5-28-2015
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