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C.A.R. reports June median price increased 13.6 percent; home sales decreased 4.2 percent

Multimedia:

• Click here to view a video of C.A.R. Chief Economist Leslie Appleton-Young discuss highlights of the June sales and price report.
• Click here to view Unsold Inventory by price point.
• Click here to view a data table comparing current prices with trough prices in areas throughout the state.

Quick Facts:

• Existing, single-family home sales decreased 4.2 percent in June to a seasonally adjusted rate of 492,800 units on an annualized basis compared with June 2009.
• The statewide median price of an existing single-family home increased 13.6 percent in June to $311,950 compared with June 2009.
• C.A.R.’s Unsold Inventory Index rose to 4.8 months in June compared with 4.2 months in June 2009.

LOS ANGELES (July 22) – Home sales decreased 4.2 percent in June in California compared with the same period a year ago, while the median price of an existing home rose 13.6 percent, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) reported today.

“Buyers who scrambled to close escrow in May to take advantage of federal and state tax credits before they expired impacted the number of homes sold last month,” said C.A.R. President Steve Goddard. “Although we expect sales to be lower in the second half of the year because of the absence of the government stimulus, they should remain above the long-run average and be significantly higher than the trough in 2007, when sales bottomed out.

“Although the tax credits are no longer available, it’s important to keep in mind that home prices are substantially below their peaks and interest rates remain at historic lows, making this a very affordable time for many first-time buyers to purchase a home of their own,” he said.

Closed escrow sales of existing, single-family detached homes in California totaled 492,800 in June 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 decreased 4.2 percent from the revised 514,230 sales pace recorded in June 2009. Sales in June 2010 decreased 11.1 percent compared with the previous month.

Trough vs. Current Price – June 2010

The statewide sales figure represents what the total number of homes sold during 2010 would be if sales maintained the June pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.

The median price of an existing, single-family detached home in California during June 2010 was $311,950, a 13.6 percent increase from the revised $274,640 median for June 2009, C.A.R. reported. The June 2010 median price decreased 3.8 percent compared with May’s $324,430 median price.

Peak vs. Current Price – June 2010

“As we anticipated, home prices have continued to post modest gains, due in large part to the lean inventory of homes for sale in many regions of the state,” said C.A.R. Vice President and Chief Economist Leslie Appleton-Young. “This has contributed to market stability and bodes well for the remainder of the year.

“We’re also seeing an increase in home sales at the higher-end of the market, a reflection of the slight thaw in jumbo financing, although there still is a long way to go before jumbo loans are readily available to qualified buyers,” she said.

Unsold Inventory Index (Months)

Highlights of C.A.R.’s resale housing figures for June 2010:

• C.A.R.’s Unsold Inventory Index for existing, single-family detached homes in June 2010 rose to 4.8 months, compared with 4.2 months in June 2009. 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 4.74 percent during June 2010, compared with 5.42 percent in June 2009, according to Freddie Mac. Adjustable-mortgage interest rates averaged 3.86 percent in June 2010, compared with 4.93 percent in June 2009.
• The median number of days it took to sell a single-family home was 43.3 days in June 2010, compared with 44.3 days (revised) for the same period a year ago.

Regional MLS sales and price information are contained in the tables that accompany this press release. Regional sales data are not adjusted to account for seasonal factors that can influence home sales. The MLS median price and sales data for detached homes are generated from a survey of more than 90 associations of REALTORS® throughout the state. MLS median price and sales data for condominiums are based on a survey of more than 60 associations. The median price for both detached homes and condominiums represents closed escrow sales.

In a separate report covering more localized statistics generated by C.A.R. and DataQuick Information Systems, 232 of the 372 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 June June 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 at http://car.org/marketdata/historicalprices/2010medianprices/jun2010medianprices/.

• Statewide, the 10 cities with the highest median home prices in California during June 2010 were: Manhattan Beach, $1,737,500; Los Altos, $1,618,500; Saratoga, $1,425,000; Palo Alto, $1,308,500; Laguna Beach, $1,230,500; Newport Beach, $1,150,000; Los Gatos, $1,045,000; Rancho Palos Verdes, $1,000,000; Cupertino, $980,000; and Lafayette, $946,250.
• Statewide, the cities with the greatest median home price increases in June 2010 compared with the same period a year ago were: National City, 59 percent; Newport Beach, 52 percent; Richmond, 52 percent; San Bernardino, 47 percent; San Pablo, 38 percent; Fairfield, 37 percent; Walnut, 34 percent; Colton, 32 percent; Imperial Beach, 31 percent; and Poway, 30 percent.

Leading the way...® in California real estate for more than 100 years, the CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org) is one of the largest state trade organizations in the United States, with nearly 160,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.

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June 2010 Regional Sales and Price Activity*
Regional and Condo Sales Data Not Seasonally Adjusted

na - not available

* Based on closed escrow sales of single family, detached homes only (no condos).  Movements in sales prices should not be interpreted as measuring changes in the cost of a standard home.  Prices are influenced by changes in cost and changes in the characteristics and size of homes actually sold.

 sf = single family, detached home

Source:  CALIFORNIA ASSOCIATION OF REALTORS®

Median Prices By Region – Current Month vs. Year Ago

With so many delays with escrow closings, they extended the home buyer tax credit for those especially with short sales in escrow... Please click on link for full article.

http://www.realtor.org/RMODaily.nsf/pages/News2010070101?OpenDocument

July 2010 Orange County Stats: # Of Homes For Sale vs. Homes In Escrow

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City                      Homes for Sale                     Homes in Escrow

Yorba Linda             338                                          194

Home prices, sales up

Market’s high end awakened in April, pulling up median.

By JEFF COLLINS and JONATHAN LANSNER THE ORANGE COUNTY REGISTER 



    The recovering housing market got a boost in April from a reawakening high-end segment, figures from market tracker MDA DataQuick show. 

    Price cuts are getting buyers to buy pricier homes, pushing the median price up. 

    “Price drops (at the high end) and the numbers of sales are certainly bringing up the median,” said Lesslie Giacobbi, an agent for Seven Gables Real Estate. 

    The result, DataQuick reported Tuesday, was a 13.2 percent gain in the median price of an Orange County home – or the price at the midpoint of all sales. 

    Last month’s median was $430,000, which was $50,000 higher than in April 2009. 

    Sales likewise showed signs of improvement, climbing to 2,669 deals in April. That’s up 11.6 percent from April 2009 and was the largest number of homes sold in three years. 

    The year-over-year gains were fairly widespread throughout the county. Breaking down market trends by ZIP code, the numbers show: 

    Sixty-two of Orange County’s 83 ZIP codes had gains in median selling price. 

    Forty-eight local ZIP codes had year-over-year sales gains. 

    Thirty-four local ZIP codes had both sales gains and price gains. 

    Broker Ron Accornero of OC Signature Properties in Orange said that homes in Villa Park that once sold for more than $1 million are now selling for around $800,000 or $900,000. Homes priced above $1 million still are not moving, he said. 

    Rich Cosner, president of a chain of Prudential California Realty offices in north Orange County and the Inland Empire, said that most of the high-end sales are due to increased demand. 

    “The last few years, (the price of a home) has been artificially low because there were so few homes selling over $1 million in the county,” he said. “We are seeing that market come back.” 

    DataQuick figures show that homes priced at $700,000 and above accounted for 20 percent of all sales, the highest proportion in nearly two years. Sales in that price bracket fell to 12 percent of all sales in January 2009. 

    Cosner and Accornero said that demand remains overheated for homes at the lower end of the price spectrum because there now are too few homes selling for less than $500,000. 

    Prices, added Giacobbi, are firming up only at the low end “where investors are paying all cash. All cash is about 20 percent of the sales, and that’s more than it used to be.” 

    Cosner said that 10 or more offers still are common for homes selling at $500,000 and below. 

    “Buyers in this price range are still of the belief that it is a buyer’s market and they can make low offers on properties,” Cosner said. “They learn quickly, after losing out on properties, that this is just not the case. Under $500,000 today the issue is can you get the property at all, not how good of a deal you can get on it.” 

    Meanwhile, the number of homes going into default continued to decline, Data-Quick figures show. 

    DataQuick reported that 1,625 homeowners received notices of default, issued after at least three months of missed payments. That’s down 45 percent from a year ago and down 16 percent from March. 

    Still, 797 homeowners lost their homes at foreclosure sales, 65 percent more than in April 2009. Although up from a year ago, foreclosures have been relatively flat since June. 

    Meanwhile, sales of homes for less than is owed on the mortgage – so-called short sales – continue to dominate the market. 

    Giacobbi said she’s heard estimates that 35 percent to 40 percent of all deals are short sales these days. Those deals are more timeconsuming since the lender with the outstanding loan must approve them. 

    “Some of the banks are terrific to work with. Others are disasters,” Giacobbi said. “It’s not uncommon to be in escrow for months, and when you go back to the agent, she says the buyer lost interest.” 

    Giacobbi estimated that 1 in 8 of those attempting short sales have the means to pay their loan, but decided to walk away from the home because it’s lost so much value and wiped out all of their equity. 

    “They’re not willing to keep making payments on their house,” she said. 

    Agents say it remains to be seen how the expiration of federal tax credits will affect the market. Buyers have until the end of May to close deals to qualify for federal tax credits. 

    The state tax credit, which began May 1, has yet to have an impact, they said. 

    “There is strong demand in the market, and housing in O.C. would have sold with or without the tax credit,” Cosner said. 

    “Since it was available, people would be foolish not to take advantage of it. That being said, the tax credit was not something that would make most people go out and buy a house who were not already thinking about buying.” 

for questions regarding this article contact Ashlie DuCros at 714-743-9778