California’s housing market accelerated in April as the spring homebuying season kicked off with both higher home sales and prices for the third straight month, C.A.R. said this week.

Home sales rose above the 400,000 mark in April for the first time since October 2013 to post the highest level since August 2013. Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 427,620 units in April, according to information collected by C.A.R. from more than 90 local REALTOR® associations and MLSs statewide.

The April figure was 9.2 percent higher than the revised 391,440 homes sold in March. Home sales were up 9.3 percent from a revised 391,330 in April a year ago, and the increase was the highest year-over-year change since May 2012.

The median price of an existing, single-family detached California home increased in April from both the previous month and year for the third consecutive month. The median home price was up 2.8 percent from $468,550 in March to $481,760 in April, the highest level since November 2007. April’s median price was 7.4 percent higher than the revised $448,720 recorded in April 2014.
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Fast Facts

Calif. median home price: April 2015:

  • California: $481,760
  • Calif. highest median home price by region/county April 2015: San Francisco, $1,348,480
  • Calif. lowest median home price by region/county April 2015: Siskiyou County and Glenn, $153,330

Calif. Pending Home Sales Index:
March 2015: Increased 16.3 percent from 111.9 in February to 130.2 in March.

Calif. Traditional Housing Affordability Index: Fourth Quarter 2014: 30 percent (Source: C.A.R.)

Mortgage rates: Week ending 5/14/2015 (Source: Freddie Mac)
• 30-yr. fixed: 3.85% fees/points: 0.6%
• 15-yr. fixed: 3.07% fees/points: 0.5%
• 1-yr. adjustable: 2.48% Fees/points: 0.4%

From C.A.R. ~ C.A.R. Newsline is published by the CALIFORNIA ASSOCIATION OF REALTORS®, a trade association representing more than 175,000 REALTORS® statewide. C.A.R. does not in any way endorse or sponsor any product or service or vendor mentioned herein unless expressly stated.

  

Dave Thurman Real Estate

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California’s housing affordability is at the forefront of REALTOR® concerns, and CALIFORNIA ASSOCIATION OF REALTORS® CEO Joel Singer recently commented at an event in Sacramento that for many Californians, housing affordability has become a personal issue. According to the trade association, home buyers needed to earn a minimum annual income of $87,700 to qualify for the purchase of a $442,430 statewide median-priced, existing single-family home in the first quarter of 2015.

Source: San Jose Mercury News

Making sense of the story

  • California’s housing affordability problem is rooted in an inadequate housing supply, according to Singer. New construction’s recovery has been slow and missing 165,000 new units per year.
  • Singer stated, “Homeownership is in jeopardy. Our challenge as REALTORS® and citizens of the state is how to re-establish housing affordability and homeownership when government policy has failed. There’s no reason why the California median price of a home should be twice that of the national median.”
  • Factors inhibiting development of new housing units are fiscal interests of local government; local residents’ disdain for future development, especially multifamily units; and an unfavorable legal/business environment created for developers in general and multifamily units in particular.
  • The median home price was $418,570 in first-quarter 2014, and an annual income of $86,800 was needed to purchase a home at that price.
  • California’s housing affordability level was close to the national level from 2006 to 2008, but has sharply declined since it peaked at 56 percent in the first quarter of 2012. It continues to deteriorate today, where it hovers at around 30 percent, despite favorable interest rates.
  • Slow income growth has forced people to spend up to two-thirds of their income on housing, mostly of which is on rental housing.
  • Singer explained California’s workforce as a whole cannot afford to buy a median-priced home because most house and rent payments are above historic shares of income. “Affordable rents position people to buy affordable homes, and in California, we have neither,” said Singer.

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 Talking Points …

  • Lower interest rates and stabilizing home prices over the past year combined to make it easier for more Californians to purchase a home in the first quarter of 2015, according to the CALIFORNIA ASSOCIATION OF REALTORS®.
  • The percentage of home buyers who could afford to purchase a median-priced, existing single-family home in California in first-quarter 2015 rose to 34 percent from the 31 percent recorded in the fourth quarter of 2014 and up from 33 percent in the first quarter a year ago.
  • Home buyers needed to earn a minimum annual income of $87,700 to qualify for the purchase of a $442,430 statewide median-priced, existing single-family home in the first quarter of 2015.

From C.A.R. ~ C.A.R. Market Matters is published by the CALIFORNIA ASSOCIATION OF REALTORS®, a trade association representing more than 175,000 REALTORS® statewide. C.A.R. does not in any way endorse or sponsor any product or service or vendor mentioned herein unless expressly stated.

  

Dave Thurman Real Estate

 

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Lower interest rates and stabilizing home prices over the past year combined to make it easier for more Californians to purchase a home in the first quarter of 2015, C.A.R. reported this week.

The percentage of home buyers who could afford to purchase a median-priced, existing single-family home in California in first-quarter 2015 rose to 34 percent from the 31 percent recorded in the fourth quarter of 2014 and up from 33 percent in the first quarter a year ago, according to C.A.R.’s Traditional Housing Affordability Index (HAI).  This is the second consecutive quarter of improvements for the state and the highest level since second-quarter 2013. California’s housing affordability index hit a peak of 56 percent in the first quarter of 2012.

C.A.R.’s HAI measures the percentage of all households that can afford to purchase a median-priced, single-family home in California.  C.A.R. also reports affordability indices for regions and select counties within the state.  The Index is considered the most fundamental measure of housing well-being for home buyers in the state.

Home buyers needed to earn a minimum annual income of $87,700 to qualify for the purchase of a $442,430 statewide median-priced, existing single-family home in the first quarter of 2015.  The monthly payment, including taxes and insurance on a 30-year, fixed-rate loan, would be $2,190, assuming a 20 percent down payment and an effective composite interest rate of 3.97 percent.
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Fast Facts

Calif. median home price: February 2015:

  • California: $428,970
  • Calif. highest median home price by region/county February 2015: San Mateo, $1,200,000
  • Calif. lowest median home price by region/county February 2015: Siskiyou County, $148,330

Calif. Pending Home Sales Index:
March 2015: Increased 16.3 percent from 111.9 in February to 130.2 in March.

Calif. Traditional Housing Affordability Index: Fourth Quarter 2014: 30 percent (Source: C.A.R.)

Mortgage rates: Week ending 4/30/2015 (Source: Freddie Mac)
• 30-yr. fixed: 3.68% fees/points: 0.6%
• 15-yr. fixed: 2.94% fees/points: 0.6%
• 1-yr. adjustable: 2.49% Fees/points: 0.4%

From C.A.R. ~ C.A.R. Newsline is published by the CALIFORNIA ASSOCIATION OF REALTORS®, a trade association representing more than 175,000 REALTORS® statewide. C.A.R. does not in any way endorse or sponsor any product or service or vendor mentioned herein unless expressly stated.

Dave Thurman Real Estate

 

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May

11

Rickie Fowler Wins The Players Championship

Posted by Dave Thurman under Golf

One of the best rounds ever… Rickie Fowler wins The Players Championship

The New York Times, By Karen Crouse ~ May 10, 2015

PONTE VEDRA BEACH, Fla. — Rickie Fowler’s mother and sister held reservations on a commercial flight from Jacksonville International to San Diego that was scheduled to leave Sunday night at the same time the Players Championship was supposed to end. They had lunch with Fowler, who began the day three strokes off the lead, before his 1:25 p.m. tee time.

Fowler played the first nine holes in even par and was losing ground to the leaders, who included Sergio García. So his mother, Lynne, and younger sister, Taylor, gathered their two Shih Tzus and headed to the airport, a 45-minute drive from TPC Sawgrass.

They checked their luggage. But they did not proceed through the security line because people back at the Stadium Course had sent them text updates on Fowler’s progress. Scrolling through their messages, they found out he had birdied Nos. 13 and 15 and eagled No. 16. He was on the 17th tee when his mother and sister made a spontaneous decision. Lynne Fowler phoned the tournament transportation desk to see if they could get a ride back to the course. As it happened, there were courtesy cars parked at the airport. Within minutes, they were on their way, with Fowler’s sister behind the wheel.

Fowler birdied Nos. 17 and 18, covering the last six holes in six under, for a five-under 67 to get to 12-under 276. Nobody in tournament history had played the final four holes in 11 strokes. By the time his mother and sister made it back to the course, García and Kevin Kisner had each played the final three holes in two-under to force a playoff. García, the 2008 champion, closed with a 68, one stroke better than Kisner, who was looking for his first Tour victory. [Read More]

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