Category Archives: US Home Prices

US home sales climb in April

As far as resale homes go, April was a very good month for the US.  Bob Willis of Bloomberg News reported, “Purchases climbed 7.6 percent to a 5.77 million annual rate as buyers rushed to qualify for an expiring government tax credit…” 

Willis also said that prices surged more than they had in four years, but along with that, inventory contiued to climb.  With the end of the tax credit and increased inventories, there was concern that home values would again decrease in the near future, although continued low interest rates make this unlikely in the short term.

In a related article, Willis also reported that new home sales numbers were also very good.  Quoting, “Sales climbed 15 percent to an annual pace of 504,000…”  At the same time, the median sale price dropped 9.5 percent from April ’09.  Again, although sales were strong for new home, everyone is waiting to see what life is going to be like once the tax credit has ended.

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US and California home resale info for March

The Daily Transcript reported recently that home sales in California increased in March by 2.5%, a year-over-year increase.   Not a bad number considering the unemployment rate in this state is over 12%.

The median price of an existing home increased year-over-year by 20.8%.   The President of the CA Association of Realtors, Steve Goddard, said that price gain was the largest in five years. 

On the downside, resales actually dipped from February to March 2010 by 2.5%. 

Quoted fromt the article, “The median price of an existing single-family detached home in California during March 2010 was $301,790, a 20.8 percent increase from  the revised $249,790 median for March 2009…”

As far a resales on a national level, Alan Zibel of the Associated Press reported in late April that resales in the US rose in March after three months of declines.  Quoting, “Resales of previously occupied homes rose 6.8 percent to a seasonally adjusted  annual rate of 5.35 million last month, the highest level since December…”

Zibel also said that sales were up in every region in the country, 7% in the Midwest and South, 6.6% in the West and 6% in the Northeast.  Sales were reported up 18% from their low in 2009 but down 26% from their peak in 2005. 

The national median sales price was $170,700, a 4% rise from the previous month, but was almost unchanged from March 2009.

The lowdown on housing prices, they’re UP (mostly)

I’ll do my best to not give you information overload on housing prices for February.  Both last week and this week there was a slew of information that came out on prices.

Roger Showley of the San Diego Union-Tribune and Daniel Taub of Bloomberg News both reported that median prices in almost every county in Southern California were up.  Showley said San Diego County led the way with a year-over-year increase from $285,000 in Feb. ’09 to $322,000 in Feb. ’10, a 13% increase.  San Bernardino County had the only decline in its median price.  Prices there declined by 2%.  The median price for the region stood at $275,000, a 10% increase.

Year-over-year sales were less stellar.  Sales were down in San Diego, San Bernardino and Riverside Counties.  San Diego County was down by 0.3%.  For the six county region, sales were up 0.8%.

On the state level, the Daily Transcript reported this week on the monthly report released by the California Association of Realtors. Sales in CA decreased by 11.7% compared with Feb. of ’09, but the median price rose by 14.1 percent from Feb. ’09 to Feb. ’10.  To access the entire report, click here.

On the national level, Shobhana Chandra of Bloomberg News said home sales fell for a third month in a row, while inventory climbed.  Purchases dropped by 0.6%.  The median price for resales decreased by 1.8%, from $168,000 to $165,100.

Whew!  That’s a lot information to process!

Big drop in San Diego County home prices in January

The median price of a home in San Diego County fell by $25,000 in January to $305,000, as reported by Roger Showley of the Union-Tribune recently.  That was a 7.6%  drop in one month, but the average price is still higher (by $25,000) than it was last January.

As Roger pointed out, buyers were taking a breather as sales were off 36.4%.    Winter months are notorious for being slow months in real estate, but that was the biggest one month drop in prices in 22 years.   We’re not exactly living in “average” times, there are a lot factors out there affecting the market.  Factor Number One, unemployment.  Then there is the game the banks are playing by not putting the foreclosed homes they are holding on market. Don’t forget the ARM’s that are resetting this year, too.

I agree with Andrew LePage of MDA Dataquick who is quoted in the article saying we probably won’t know where the market is going this year until we’re well into spring.

Some better news on the national front, Kathleen M. Howley of Bloomberg News said last week that home prices dropped 1.2 percent in the last quarter of 2009, the smallest drop in  two years.