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Three news reports caught my eye in the past week that shed light on the state of the real estate market.
The California Association or Realtors ® reported that homes salesincreased 1.7 percent in December in California compared with the same period a year ago, while the median price of an existing home rose 8.4 percent.Furthermore, for the second consecutive month, California's median home price rose year-to-year in December, and had the largest year-to-year increase in more than three years.The state's median price also remained above $300,000 for the second straight month.All this sales activity has led to a reduction of inventory, C.A.R.'s Unsold Inventory Index fell to 3.8 months in December, compared with 5.6 months in December 2008.As has been the case for much of the year, unsold housing inventory is between 2 and 3 months in the San Francisco Bay Area Counties.Statewide, three Bay Area cities, Los Altos, Palo Alto and Los Gatos and were in the top 10 for the highest median prices.
As can be seen here, according to recently released data in the latest Case-Shiller Home Price Index, all of the cities in the “20 City Composite” reading have improved for the past 10 months.The report revealed that four metropolitan areas including, the San Francisco Bay Area, reflected value gains in December and have shown monthly gains for over the past six months.
The third report that caught my attention was the November Federal Housing Finance Agency’s monthly House Price Index.According to the FHFA report, U.S. house prices rose 0.7 percent on a seasonally adjusted basis from October to November and for the 12 months ending in November, U.S. house prices rose 0.5 percent. I should point out that the FHFA monthly index is calculated using purchase prices of houses backed by mortgages that have been sold to or guaranteed by Fannie Mae or Freddie Mac. Also worth noting is that most homes being sold today are financed using conforming or high balance conforming loans.
The Pacific Region, which includes California, reported a year over year increase of 2.3 percent.As this graph indicates, the low point for home prices in the U.S hit bottom in November 2008.
A question that we are no longer asked is, “when will the market bottom?” It’s clear that was 12 to 14 months ago.The question for would be home buyers and home sellers is how to make the most in this market.While all these and other reports indicate an improving real estate market we still have a long way to go.In these complex times, I am always available to answer your questions or discuss you concerns. Simply call, text oremail mefor a prompt response.
Russ Boyd and his team professionally assist buyers, sellers and homeowners in the Peninsula Communities of the San Francisco Bay Area. They serve clients in San Mateo, San Francisco, Santa Clara, Alameda and Contra Costa counties. Licensed as a Real Estate Broker by the California Department of Real Estate, 01264240.
It's Onward and Upward for Bay Area Real Estate Videos by Russ Boyd are uploaded to Youtube, MetaCafe, Veoh, Vimeo and Yahoo Video by
The number of sales of new and existing single-family houses and condominiums increased13.6 percent i... Comments (0)Add Comment Added On: 02/05/2010 14:17
The Roller Coaster Ride is Over - What's Next?
Real Estate and Mortgage Market Updates and Commentary Videos by Russ Boyd are uploaded to Youtube, MetaCafe, Veoh, Vimeo and Yahoo Video by Tube Mogul
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As I was reviewi... Comments (0)Add Comment Added On: 01/09/2010 05:49
