Santa Clara County (SCC): California pending home sales lift in January
LOS ANGELES (Feb. 25) –Pending home sales rose from December’s extreme lows and posted month-to-month and year-to-year increases in January, the CALIFORNIA ASSOCIATION OF REALTORS(C.A.R.) said today.
Additionally, California REALTORS responding to C.A.R.’s January Market Pulse Survey saw more price reductions and an increase in open house traffic, compared to a year ago. The Market Pulse Survey is a new monthly online survey of more than 300 California REALTORS to measure sentiment about their last closed transaction and business activity for the previous month and the last year.
Pending home sales data:
- California pending home sales increased in January, with the Pending Home Sales Index (PHSI)* rising 26.7% from 70.9 in December to 89.8 in January, based on signed contracts. The month-to-month increase was better than the long-run average increase of 16.3% observed in the last six years, and is primarily due to seasonal factors.
- California pending home sales were up 6% from the 84.7 index recorded in January 2014. The yearly increase was the largest since May 2012.
Santa Clara County, on the other hand, while showing a monthly increase in pending home sales month-over-month in January and February, showed year-over-year declines.
February Stats (SCC)
Single-Family Homes
Year-Over-Year
- Median home prices increased by 16.3% year-over-year to $930,000 from $800,000.
- The average home sales price rose by 22.0% year-over-year to $1,272,310 from $1,042,960.
- Home sales fell by 5.8% year-over-year to 521 from 553.
- Total inventory* fell 21.3% year-over-year to 1,508 from 1,915.
- Sales price vs. list price ratio rose by 0.7% year-over-year to 105.0% from 104.3%.
Month-Over-Month
- Median home prices improved by 16.3% to $930,000 from $800,000.
- The average home sales price rose by 12.4% to $1,272,310 from $1,132,060.
- Home sales up by 13.0% to 521 from 461.
- Total inventory* increased 22.3% to 1,508 from 1,233.
- Sales price vs. list price ratio increased by 2.4% to 105.0% from 102.6%.
Condominiums
Year-Over-Year
- Median condo prices increased by 12.8% year-over-year to $548,000 from $486,000.
- The average condo sales price rose by 9.1% year-over-year to $593,761 from $544,418.
- Condo sales fell by 25.4% year-over-year to 211 from 283.
- Total inventory* fell 33.4% year-over-year to 457 from 686.
- Sales price vs. list price ratio rose by 2.1% year-over-year to 105.6% from 103.4%.
* Total inventory is active listings plus contingent or pending listings. Active listings do not include contingent listings.
Call or email me if you have any questions.
For further details and a city-by-city breakdown statistics, go to http://avi.rereport.com/market_reports.
Mortgage Rate Outlook
Mortgage Rates Rates Easing Back Again
Feb 27, 2015 —mortgage markets and rates have become more volatile of late. January’s rate declines trended into early February, were virtually erased over a couple of week span, and now that upward blip is in the process of being at least partially erased at the moment.
All of this has occurred in perhaps a quarter-percentage point range for interest rates, and is fair warning about the kind of market climate we’re likely to see in the period before the Fed actually does begin the process of “liftoff”. At some point, will show some more reliable traction and head up from recent ranges. When that will be is still not clear, as it appears the Fed remains noncommittal at the moment.
HSH.com’s broad-market mortgage tracker — our weekly Fixed-Rate Mortgage Indicator (FRMI) — found that the overall average rate for 30-year fixed-rate mortgages declined by four basis points this week (0.04%) slipping to 3.92 percent, breaking a two-week increase. The FRMI’s 15-year companion eased by three-hundredths of one percent, sending the weekly average back down to 3.25 percent. Popular with first-time homebuyers, perhaps more so now that the annual MIP has been lowered, rates on fully-insured FHA-backed 30-year FRMs remain well below their conforming counterparts but shed only a single basis point from last week’s average, ticking downward to land at 3.74 percent this week. More erratic than its fixed-rate counterparts of late, the overall 5/1 Hybrid ARM decreased by six basis points (0.06%), drifting back down to 3.08 percent for the week.
Housing could drive the economy higher in the months ahead, but traction remains tough to come by.
Very thin stockpiles of homes for sale seem to be a cause for limited growth in sales of existing homes, and this situation may come to vex the spring housing market this year. In January, sales of existing homes declined by 4.9 percent to a 4.82 million (annualized) rate; this was the slowest rate of sale since last May. Inventories of homes for sale did expand a little, rising to 4.7 months in January from 4.4 in December, but the truth is that for many potential buyers, there’s simply nothing desirable to buy in their price range. Tight supplies do create well-supported prices, and even though there was a month-to-month dip, median home prices are still some 6.2 percent above the same period last year.
Investors Corner
Home Prices Grew at Twice the Rate of Inflation in 2014 According to the S&P/Case Shiller Home Price Indices
New York, February 24, 2015 —S&P Dow Jones Indices today released the latest results for the S&P/Case-Shiller Home Price Indices, the leading measure of U.S. home prices. Data released today for December 2014 shows a slight uptick in home prices across the country. Nine cities reported monthly increases in prices. More than 27 years of history for these data series is available, and can be accessed in full by going to www.homeprice.spdji.com. Additional content on the housing market can also be found on S&P Dow Jones Indices’ housing blog: www.housingviews.com. Year-over-Year Both the 10-City and 20-City Composites saw year-over-year increases in December compared to November. The 10-City Composite gained 4.3% year-over-year, up from 4.2% in November. The 20- City Composite gained 4.5% year-over-year, compared to a 4.3% increase in November. The S&P/Case-Shiller U.S. National Home Price Index, which covers all nine U.S. census divisions, recorded a 4.6% annual gain in December 2014 versus 4.7% in November. Read more at http://goo.gl/kQgcrM
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San Mateo County (SMC): California pending home sales lift in January
LOS ANGELES (Feb. 25) –Pending home sales rose from December’s extreme lows and posted month-to-month and year-to-year increases in January, the CALIFORNIA ASSOCIATION OF REALTORS(C.A.R.) said today.
Additionally, California REALTORS responding to C.A.R.’s January Market Pulse Survey saw more price reductions and an increase in open house traffic, compared to a year ago.
Pending home sales data:
- California pending home sales increased in January, with the Pending Home Sales Index (PHSI)* rising 26.7% from 70.9 in December to 89.8 in January, based on signed contracts. The month-to-month increase was better than the long-run average increase of 16.3% observed in the last six years, and is primarily due to seasonal factors.
- California pending home sales were up 6% from the 84.7 index recorded in January 2014. The yearly increase was the largest since May 2012.
San Mateo County, on the other hand, while showing a monthly increase in pending home sales month-over-month in January and February, showed year-over-year declines in both months.
February Stats (SMC)
Single-Family Homes
Year-Over-Year
- Median home prices increased by 28.5% year-over-year to $1,240,000 from $965,000.
- The average home sales price rose by 20.5% year-over-year to $1,486,050 from $1,233,120.
- Home sales fell by 12.3% year-over-year to 193 from 220.
- Total inventory* fell 32.4% year-over-year to 576 from 852.
- Sales price vs. list price ratio rose by 1.8% year-over-year to 107.9% from 106.0%.
Compared To Last Month
- Median home prices improved by 24.0% to $1,240,000 from $1,000,000.
- The average home sales price fell by 0.0% to $1,486,050 from $1,486,730.
- Home sales up by 15.6% to 193 from 167.
- Total inventory* increased 39.5% to 576 from 413.
- Sales price vs. list price ratio increased by 4.9% to 107.9% from 102.9%.
Condominiums
Year-Over-Year
- Median condo prices increased by 7.8% year-over-year to $655,000 from $607,500.
- The average condo sales price rose by 8.8% year-over-year to $729,322 from $670,200.
- Condo sales fell by 18.3% year-over-year to 134 from 164.
- Total inventory* fell 33.6% year-over-year to 178 from 268.
- Sales price vs. list price ratio rose by 3.0% year-over-year to 108.6% from 105.5%.
Month-Over- Month
- Median condo prices increased by 13.6% year-over-year to $698,500 from $615,000.
- The average condo sales price rose by 27.7% year-over-year to $800,646 from $627,153.
- Condo sales rose by 2.5% year-over-year to 82 from 80.
- Total inventory* fell 42.6% year-over-year to 163 from 284.
- Sales price vs. list price ratio rose by 1.5% year-over-year to 105.9% from 104.3%.
* Total inventory is active listings plus contingent or pending listings. Active listings do not include contingent listings.
Call or email me if you have any questions.
For further details and a city-by-city breakdown statistics, go to http://avi.rereport.com/market_reports.
