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.
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!