California existing home sales increased 83.2% in November
Who says the laws of supply and demand do not work in today's real estate market? California home sales increased 83.2 percent in November compared with the same period a year ago, according to the latest housing report from the California Association of Realtors.
In my opinion, the main factors for this huge pick up in real estate sales are the very attractive prices combined with exceptional low 30 year fixed rate mortgages and the availibality of 3% down FHA financing.
From my estimates, the majority of these existing home sales are foreclosures or pre-forclosures. Plus, keep in mind, a pick up in sales is only the first step in forming a bottom to our real estate bust.
The other part of the California Association of Realtors report shows the median price of an existing, single-family detached home in California during November 2008 was $285,680, a 41.8 percent decrease from the revised $490,511 median for November 2007. The November 2008 median price fell 5.3 percent compared with October's revised $301,740 median price. San Diego Realtors
California Home Prices Forecast to Fall 6% in 2009
California Association of Realtors: "Housing prices are expected to decline in much of California next year, but sales of existing homes will continue to ramp up… The Golden State's median price will fall 6% next year to $358,000 compared with a projected median of $381,000 for this year. Sales for 2009 are projected to increase 12.5% to 445,000 units, compared with 395,600 units (projected) in 2008.”Increasing Spiral in Home Prices
San Diego Condominium Sales Price Appreciation
San Diego Real Estate Market … What Did You Expect?
Real Estate Record Home Price Declines
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San Diego Home Sales Up … San Diego Home Median Price Drops
Government Bail-Out – Risk & Reward
New-home construction in August Hit 17 Year Low
Southern California Home Prices Drop 34% in August
California Home Sales Up 43.4% – Home Prices Down 40.3%
Last week the California Association of Realtors reported California home sales increased 43.4 percent in July compared to the same period a year ago, while the median price of an existing home fell 40.3 percent.
"Sales improved significantly in July 2008 and remained above the 400,000 level for the third consecutive month," said C.A.R. President William E. Brown. "Deeply-discounted, distressed sales continue to drive volume in many regions of the state. July also was the first full month during which the effects of higher $729,000, conforming loan limits likely had an impact on closed sales."
The median price of an existing, single-family detached home in California during July 2008 was $350,760, a 40.3 percent decrease from the revised $587,560 median for July 2007. The July 2008 median price fell 4.5 percent compared with June's revised $367,130 median price.Home sales increased 43.4 percent in July in California compared with the same period a year ago, while the median price of an existing home fell 40.3 percent.
A few of our prior posts on California home sales & home values were:
Commercial Real Estate Prices Fall 11.8% from Peak
Southern California Highest Sales … Prices Still Falling
More homeowners than ever are selling at a loss!
Another Look at the June Rise in Pending Home Sales
San Diego California real estate
Home Sales – One Out Of Four Is A Distress Sale
Nationwide, one out of every four sales between January and March was a distressed sale, and that figure jumps to more than 50 percent in the hardest-hit areas like Las Vegas, Detroit and distant suburbs of Los Angeles, according to Moody’s Economy.com.
As foreclosed properties pile up, they add to the inventory of homes on the market and drag down home prices. The trend is most dramatic in many parts of California, Florida, Nevada and Arizona, where prices are now falling precipitously. San Diego California hotels
CALIFORNIA NEW HOME SALES DECLINE 30 PERCENT IN 2007
The pace of new-home sales across California fell more than 30 percent in 2007 compared with 2006, according to recent data from the California Building Industry Association (CBIA). Its January report showed sales of single family homes dropped by 29.7 percent, with new home and condominium sales during 2007 totaling 61,861 compared with 89,773 the previous year. San Diego CA real estate