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Sunday
May292016

California state-wide median price breaks $500,000 

California state-wide median price breaks $500,000 - The California Association of Realtors reported that the median price of a home in California rose to $509,100 in April. That represents a 5.3% month over month increase from March. 

California home re-sales fewer due to tight inventory - The California Association of Realtors also reported that the number of homes sold in April dropped 2.6%from its annualized level in March. Year over year the number of sales declined 5.4% from April 2015. The Unsold Inventory Index dropped again to a 3.5 month supply in April. A normal market is a 6.1 month supply, so inventory levels are around 60% of normal, according to CAR. This tight inventory is pushing prices higher and sales lower as buyers are again finding it tough to find homes to buy. 

Saturday
Apr302016

U.S. Pending Home Sales at one year high

U.S. Pending Home Sales at one year high - TheNational Association of Realtors reported that the number of homes that went under contract in March reached the highest level in nearly a year. They felt this was a sign the housing market is gaining steam as Americans benefit from historically low interest rates and steady job growth. Pending sales of previously owned homes, reflecting contract signings, rose 1.4% in March from February. The pickup in pending sales is the latest sign the housing market continues to advance after posting solid growth in 2015. Pending sales in March climbed 1.4% compared with a year earlier.  A more closely watched measure of the housing market is the NAR’s report on existing-home sales, which measure closed transactions. Existing-home sales—or all purchases of previously owned single-family homes, town homes, and condominiums—rose 5.1% in March from February to an annual rate of 5.33 million, the NAR reported earlier this month. Sales were up 1.5% from the prior year. Existing homes represent roughly 90% of the market.


Consumer confidence lower in April - The University of Michigan released its April consumer sentiment index. It fell to 89.0 from 91. The index is now 7.2% lower than its level one year ago. In a release the survey director, Richard Curtin stated that "the negative views of the future may be in part due to the presidential campaign." He also wrote that, "the size of the decline, while troublesome, is still far short of indicating an impending recession."

 

Mortgage rates slightly higher this week - The Freddie Mac Primary Mortgage Survey released on April 28, 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 3.66%. The 15-year fixed average rate was 2.89%. The 5/1 ARM average rate was 2.86%.

Sunday
Apr242016

California existing home sales and prices post best pace in six months

Mortgage rates remain near three year low -The Freddie Mac Primary Mortgage Survey released on April 21, 2016 showed that average mortgage rates from lenders surveyed for the most popular products were as follows: The 30 year fixed average rate was3.59%. The 15 year fixed average rate was2.85%. The 5/1 ARM average rate was 2.81%.  Rates rose at the end of the week. They will be a little higher on next week's survey.
California existing home sales and prices post best pace in six months - The California Association of Realtors reported that existing home sales totaled 415,220 in March on a seasonally adjusted annualized rate, up 5.5% from February, and 5.7% higher than last March. The statewide median price was $483,280, up 8.9% from February and  up 4% from March 2015. 

U.S home existing home sales show strong spring buying season has begun  - The National Association of Realtors announced that existing home salesreported from member associations around the nation revealed that home sales in March were up 5.1% from February. 

 

Saturday
Apr092016

Mortgage rates near three year low

Mortgage rates near three year low -The Freddie Mac Primary Mortgage Survey released on April 7, 2016 showed that average mortgage rates from lenders surveyed for the most popular products were as follows: The 30 year fixed average rate was 3.59%. The 15 year fixed average rate was 2.88%. The 5/1 ARM average rate was 2.82%

 

This was a slow week for data. Next week we should start getting housing sale numbers and  California March employment figures.  

Saturday
Mar262016

California home sales in February were up 6.4% above last February's levels

Mortgage rates  -The Freddie Mac Primary Mortgage Survey released on March 24, 2016 showed that average mortgage rates from lenders surveyed for the most popular products were as follows: The 30 year fixed average rate was 3.71%. The 15 year fixed average rate was 2.96% The 5/1 ARM average was was 2.89%.

California existing home sales show mixed results in February - The California Association of Realtors reported that the number of California home sales in February was up 2.6% from January, and 6.4% above last February's levels.  The Los Angeles region showed almost identical increases as the state as a whole. Tempering the report was home prices. The statewide median price fell 4.7% in February from January and year over year the median price was up just 3.8% from last February. Inventory levels which hit record lows of a 3 month supply just a few months ago have increased.  The unsold inventory index rose to a 4.6 month supply in February as more homes have hit the market. The unsold inventory index was at a 4.9 month supply last February before edging down as sales increased in the spring. 
U.S. Existing home sales fall sharply in February The National Association of Realtors reported that month over month total existing home sales dropped 7.1% in February.  On a positive, home sales were 2.2% higher than last February's levels.  The drop was most significant in the Northeast and Midwest which weighed down the national numbers. Weather was thought to have played a part as a massive snow storm in the east may have slowed sales.  Low inventory levels, were also to blame according to the report. 
New home sales jump in February The Commerce Department reported that the number of sales of new homes surged 38.5% in the Western United States.  All other regions declined and the country as a whole showed new home sales up 2% in February. Obviously, strong sales here in the west pulled that number positive.