DataQuick’s real estate sales report for June reflects aggressive median sale price gains of roughly 30 percent from June 2012.
But the story of price appreciation, ongoing now for 15 months in a row, was packaged with a clunk for all but one county in Southern California — San Diego.
Until now, only the Inland region has borne the brunt of home sales losses year-over-year.
For June, the Inland region continued the pattern of year-over-year sales losses — mostly due to tight inventory and waning foreclosure and short sale activity — of 7.7 percent in Riverside County and 5 percent in San Bernardino County. Sales in Orange County were flat. Los Angeles County had 3.6 percent fewer home sales in June from June 2012.
As the recession ever so slowly recedes, an increasing number of Americans say they are less frugal than they were a few years ago. At the same time, sales at restaurants are at an all-time high and at least one survey says consumers expect to spend more eating out as soon as their pocketbooks allow.
Sales at eating and drinking places in April reached $45.9 billion, a $200 million seasonally-adjusted increase from the previous high in December 2012, according to preliminary figures from the U.S. Census Bureau.
“Last month was a shock,” said Ryan Lowder, the chef and owner of the Copper Onion in Salt Lake City, where his sales were up 20 percent over April of 2012. “The increase last month was killer. I’m not
For the past several
years single-family housing investors have been playing the buy and hold
game. Strong rental demand and soft home prices made that the best bet.
Now, with home prices up more than 12 percent from a year ago, the
strategy is suddenly changing.
"It's a perfect storm for flipping
right now in many parts of the country because home prices are bouncing
off the bottom," said Daren Blomquist, vice president at RealtyTrac.
"That is something that flippers can catch on the coattails of and ride
that wave as long as it lasts."
Home-flipping, defined as buying
and selling the same home within six months, came roaring back in the
first half of this year. There were 136,184 homes flipped, an increase
Home sales and prices grew in June in the vast majority of counties covered by DataQuick’s monthly Property Intelligence Report (PIR), the company reported.
According to the PIR, home sales increased in 40 of the 42 reported counties from May to June. Quarter-over-quarter, 36 counties reported sales growth, while 30 posted improvements year-over-year.
The only two counties not showing monthly growth in the June PIR were Queens County, New York, and Oakland County, Michigan—which houses the city of Detroit.
Meanwhile, prices grew on a monthly, quarterly, and yearly basis in 40 of the 42 counties. According to DataQuick, June’s price data shows an expansion in the number of areas recovering, with Northwest markets such as
A growing number of older Americans are applying for mortgage loans online, according to a recent survey from Mortgage Marvel, a Mequon, Wisconsin-based provider of online mortgage applications.
Thirty-five percent of mortgage applicants are past the age of 50, according to the survey of more than 650,000 applications submitted to more than 1,100 lenders in 2012. This is an increase of one percentage point from 2011. “A common stereotype is that older Americans tend to be less comfortable with complex online processes and transactions,” said Mortgage Marvel COO Rick Allen.
However, as the survey reveals, “plenty of older Americans are computer savvy and very willing to pursue major transactions, such as mortgage
The price of a new single-family dropped to its lowest level in seven months in June as sales surged to a five-year high, the Census Bureau and HUD reported Wednesday.
The seasonally adjusted annual rate of sales welled 8.3 percent in June to 497,000. Economists surveyed by Bloomberg expected June sales to increase to 484,000 from May’s originally reported 476,000. May sales were revised down to 459,000. The median price of a new home, according to the Census/HUD report, fell 5.0 percent in June to $249,700, the third time the median price has dropped in the last four months. May’s median price was revised down to $262,800 from the originally reported $263,900.
While the inventory of new homes for sale rose to 161,000 in
Hi there, I received these facts from California Association of Realtors, that I wanted to share with you. If you have questions these numbers/facts, please feel free to call or email me.
FAST FACTS Calif. median home price: June 2013: California: $428,510 Calif. highest median home price by region/county June 2013: San Mateo, $1,001,000 Calif. lowest median home price by region/county June 2013: De Norte, $132,590 Calif. Pending Home Sales Index: May 2013: Increased 0.3 percent from a revised 121.7 in April to 122.1 in Mary
Calif. Traditional Housing Affordability Index: First Quarter 2013: 44 percent (Source: C.A.R.)
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While the housing market is on the mend — with progress even in the hardest-hit states — the backlog of homes in foreclosure and real-estate owned properties is still clogging the pipeline, analysts claim.
The East Coast is a testament to such findings, where the duration of the foreclosure process is high in large part to judicial foreclosure procedures in states using that process, according to the Federal Reserve Bank of New York’s latest report.
The volume of distressed properties continues to impact housing momentum, and consequently, there is a compelling need for improved public policy on the local and national levels to minimize losses and externalities resulting from foreclosures and REO inventory, explained Diego