Statewide pending home sales in California decreased in March on an annual basis for the third straight month, reflecting high demand for a dearth of homes available for sale on the market, according to the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.).

Making sense of the story

  • Statewide pending home sales fell in March on an annual basis, with the Pending Home Sales Index (PHSI) decreasing 1.7 percent from 138.0 in March 2015 to 135.6 in March 2016, based on signed contracts.
  • On a monthly basis, California pending home sales rose from February, primarily due to seasonal factors. The PHSI increased 12.7 percent from an index of 120.3 in February to 135.6 in March. When adjusting pending sales for typical seasonal patterns, pending sales actually declined 1 percent from February. Tight inventories are expected to continue to impede home sales growth this year.
  • At the regional level, pending sales were down on an annual basis in all major regions of the state, with the San Francisco Bay Area experiencing the largest contraction at 3.7 percent. All major regions experienced double-digit, month-to-month increases in pending sales.
  • Within the core areas of the Bay Area, including San Francisco and Santa Clara counties, pending sales actually saw an increase over last year of 8.6 percent and 11.6 percent, respectively.
  • Pending home sales in Southern California were essentially flat in March, edging down 0.3 percent from a year ago and were up 17.8 percent from February. Los Angeles County posted a modest annual gain of 1 percent, while Orange County declined by 4.3 percent.
  • The share of homes selling above asking price in March rose to the highest level since July 2015 at 34 percent, indicating strong market competition for the thin supply of homes available for sale. Conversely, the share of properties selling below asking price shrank for the third straight month to a new low of 33 percent. The remainder (33 percent) sold at asking price.
  • The average number of offers per property increased for the second straight month to 3.3 in March, up slightly from 3.1 in February and 2.7 in March 2015.

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Talking Points …

  • Mortgage applications decreased 4.1 percent from one week earlier for the week ending April 22, according to the latest figures from the Mortgage Bankers Association. Rates moved higher for the second week in a row.
  • The refinance share of mortgage activity is also backing away from its once increasing trend and instead decreased to 54.4 percent of total applications from 55.4 percent the previous week. In addition, the adjustable-rate mortgage share of activity increased to 5.2 percent of total applications.
  • The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances (up to $417,000) increased to 3.85 percent from 3.83 percent, with points increasing to 0.35 from 0.32 (including the origination fee) for 80 percent loan-to-value ratio loans.

From C.A.R. Market Matters ~ CALIFORNIA ASSOCIATION OF REALTORS®

Dave Thurman Real Estate – RE/MAX Gold

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Apr

28

Freddie Mac’s Multi-Indicator Market Index (MiMi), shows that many of the nation’s housing markets continue to improve with one more state, Michigan, returning to its historical benchmark level of housing activity.

The national MiMi value stands at 83, indicating a housing market that’s on the outer range of its historic benchmark level of housing activity, and little changed with a +0.36 percent improvement from January to February and a three-month improvement of +1.05 percent. However, on a year-over-year basis, the national MiMi value has improved +7.46 percent. Since its all-time low in October 2010, the national MiMi has rebounded 40 percent, but remains significantly off from its high of 121.7.

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Fast Facts

Calif. median home price: March 2015:

  • California: $483,280
  • Calif. highest median home price by region/county: San Francisco, $1,360,580
  • Calif. lowest median home price by region/county: Merced, $189,500

Calif. Pending Home Sales Index:
Statewide pending home sales fell in March on an annual basis, with the Pending Home Sales Index (PHSI) decreasing 1.7 percent from 138 in March 2015 to 135.6 in March 2016, based on signed contracts.

Calif. Traditional Housing Affordability Index: Fourth Quarter 2015: 30 percent

Mortgage rates: Week ending 4/21/2016
(Source: Freddie Mac)

  • 30-yr. fixed: 3.59% fees/points: 0.6%
  • 15-yr. fixed: 2.85% fees/points: 0.5%

From C.A.R. Newsline ~ CALIFORNIA ASSOCIATION OF REALTORS®

Selling A Home?

The decision to sell a home is often dependent on many factors. Whatever the situation, I guarantee a commitment to ensure you get the best possible price for your home. You can expect professional, ethical and confidential service. Read more

Dave Thurman Real Estate – RE/MAX Gold

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Apr

26

THE GEN X FOCUS

Posted by Dave Thurman under Real Estate

GenXFocus

Buying A Home?

Whether you’re looking for your first home or an investment property, I’m committed to putting together the right people with the right properties. When making the type of investment that buying a home requires, you deserve to have all the information… information that I can provide you. Read more

Dave Thurman Real Estate – RE/MAX Gold

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Apr

22

According to RealtyTrac’s March and Q1 U.S. Home Sales report, home sellers in March sold their homes for an average 17  percent gain, or $30,500 more than the purchase price, making it the highest average monthly price gain for home sellers since December of 2007. The largest gains occurred in San Francisco with a 72 percent gain. This was followed by San Jose, California with gains of 60 percent; Boulder, Colorado with 53 percent; Prescott, Arizona with 51 percent; and Los Angeles at 48 percent. However, in California, increased home prices have caused a slower start to the spring home-buying season, with a decrease of 4.7 percent in home sales from March 2015.

Source: HousingWire
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From C.A.R. Market Matters ~ CALIFORNIA ASSOCIATION OF REALTORS®

Dave Thurman Real Estate – RE/MAX Gold

 

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California home sales rose from both the previous month and year to post the highest sales pace in six months, while strained housing supplies continued to push home prices higher, according to C.A.R.’s March sales and price report.

Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 415,220 units in March, according to information collected by C.A.R. from more than 90 local REALTOR® associations and MLSs statewide.

The March figure was up 5.5 percent from the revised 393,430 level in February and up 5.7 percent compared with home sales in March 2015 of a revised 392,660. March’s sales level rose above the 400,000 level for the first time in three months.

The median price of an existing, single-family detached California home rose 8.9 percent in March, reversing a two-month decline, to $483,280 from $443,950 in February. March’s median price was 4 percent higher than the revised $464,640 recorded in March 2015.
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Fast Facts

Calif. median home price: March 2015:

  • California: $483,280
  • Calif. highest median home price by region/county: San Francisco, $1,360,580
  • Calif. lowest median home price by region/county: Merced, $189,500

Calif. Pending Home Sales Index:
C.A.R.’s Pending Home Sales Index decreased 0.4 percent from 121.4 in February 2015 to 120.9 in February 2016, based on signed contracts.

Calif. Traditional Housing Affordability Index: Fourth Quarter 2015: 30 percent

Mortgage rates: Week ending 4/7/2016
(Source: Freddie Mac)

  • 30-yr. fixed: 3.59% fees/points: 0.5%
  • 15-yr. fixed: 2.88% fees/points: 0.4%

From C.A.R. Newsline ~ CALIFORNIA ASSOCIATION OF REALTORS®

Dave Thurman Real Estate – RE/MAX Gold

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