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Saturday
Oct222016

Update as of October 22nd, 2016

Mortgage rates up just slightly week - The Freddie Mac Primary Mortgage Survey released on October 20 showed that average mortgage rates from lenders surveyed for the most popular mortgage products were as follows: The 30-year fixed rate average was 3.52%.  The 15-year fixed average rate was 2.79%.  The 5/1 ARM average rate was 2.85%. I'd expect to see rates just slightly lower next week based on where we were at the end of the week. 



California existing home sales up in September - The California Association of Realtors reported that existing single family home sales totaled 425,680 in September on a seasonally annualized rate, up 1.8% from August's rate and up 0.8% from last September. This marked the first year over year increase in 7 months as extremely low inventory has led to fewer sales. 

 

California's median price paid for an existing home up 6.1% - Year over year the median price paid for a single family  home increased 6.1% in September to $514,320 according to The California Association of Realtors. The median price in September 2015 was $494,670. 

 

Homes on the market remain near all time low levels - C.A.R. also reported that the unsold inventory index in September showed a 3.5 month supply of homes on the market.  A "normal" market has a 6 1/2 month supply of homes.  I'd expect prices to continue to rise until the inventory level gets closer to normal levels.  

 

 

U.S. existing home sales up in September - The National Association of Realtors reported that total existing home sales, which include single family detached homes, town-homes, condos, and co-ops,increased 3.2% in September from August levels. Sales year over year were up just 0.6% from last September, but The September figure represented a nice rebound after a disappointing July and August sales level.  One key figure in the report was an increase in first time buyers  who accounted for 34% of the total sales. That was a 4 year high. Distressed sales accounted for just 4% of sales which is a new low according to N.A.R. The median price for an existing home nationwide increased 5.6% from last September as low inventory pushed prices higher.

Monday
Oct032016

Prices will rise 4.3% in 2017

Mortgage rates unchanged this week - The Freddie Mac Primary Mortgage Survey released on September 29, 2016 showed that average mortgage rates from lenders surveyed for the most popular mortgage products were as follows: The 30-year fixed rate average was 3.43%.  The 15-year fixed average rate was 2.72%.  The 5/1 ARM average rate was 2.81%. 

California Association of Realtors releases 2017 housing forecast - The California Association of Realtors released their 2017 housing forecast.  Key points in there report were: Prices would continue to increase, but at a more tempered rate. They feel , compared to a 6.2% increase in 2016. The median price will rise to $525,600 in 2017, up from $503,900 in 2016.   Thenumber of sales would be flat, up just 1.4% in 2017. That would equate to 413,000 units, up from 407,300 units forecasted in 2016. The 30 year fixed would rise slightly to 4% in 2017, up from an average of 3.6% in 2016. 

 

Wednesday
Sep072016

New home sales hit highest pace in nearly a decade 

Number of existing homes sold in California in July drops as tight inventory puts a squeeze on sales - The California Association of Realtors reported that the number of existing homes sold in California declined 4.1% from June's sales pace and 5.1% from last July's annualized rate as historically low inventory levels dragged down sales. The statewide median price in July was $509,830 which was down 1.8% from June and up 3.9% from July 2016.  The unsold inventory index edged up from a 3.2 month supply in June to a 3.6 month supply in July.

Pending home sales in California  rise in July - The California Association of Realtors announced that statewide pending home sales increased 3.5% in July over last July's seasonally adjusted annualized rate. Month over month, July's  pending home sales were up 3% from June's figures. After June and July's increased rate of new signed real estate purchase contracts it is expected that closed existing sales will increase in the coming months as those homes close escrow.  July's closed sales were disappointing as low inventories caused closed sales to decline after hitting multi year high closed existing sales numbers in June. 

Nationwide existing home sales slowed by low inventory levels - The National Association of Realtors reported that existing home sales slowed in July after hitting the highest levels in many years in June.  July's slowdown was attributed to extremely low inventories of single family existing homes, which include single family homes, town homes, condominiums, co-ops. Sales fell 3.2% from June's figures and year over year close sales declined 1.6% from last July. Only the western states region had an increase in closed sales. While unsold inventory inched up 0.9% from June the number of existing homes for sale nationwide are still 5.8% below last July's number.  32% of all sales were purchased by first time buyers, up from 28% one year ago. All-cash transactions accounted for 21% of all sales, down from 23% one year ago. 

New home sales hit highest pace in nearly a decade - The Commerce Departmentreported that sales of new homes surged in July to the highest level since October 2007.  July's new home sales were up 12.4% from June and 31.3% from last July.That's a number that stunned experts; however, the number of new homes being completed have risen significantly as home-builders are full production. 

 

Saturday
Aug202016

Mortgage rates remain near record lows


Number of existing homes sold in July drops as tight inventory puts a squeeze on sales - The California Association of Realtors reported that the number of existing homes sold in California declined 4.1% from June's sales pace and 5.1% from last July's annualized rate as historically low inventory levels dragged down sales. The statewide median price in July was $509,830 which was down 1.8% from June and up 3.9% from July 2016.  The unsold inventory index edged up from a 3.2 month supply in June to a 3.6 month supply in July.

 

Saturday
Aug132016

Mortgage rates remain near record lows

 

Mortgage rates remain near record lows -  The Freddie Mac Primary Mortgage Survey released on August 11, 2016 showed that average mortgage rates from lenders surveyed for the most popular mortgage products were as follows: The 30-year fixed rate average was 3.45%. The 15-year fixed average rate was 2.77%.  The 5/1 ARM average rate was 2.74%.