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2012-08-26 10:54:39
More positive news in the world of real estate

Reports arrived last week that shed more light on the improving real estate market

 

  • National sales increase.  It was reported by the National Association of Realtors that 4.47 million previously-occupied homes (resales) were sold in July.  This was a 2.3% increase from the previous month’s rate and a 10.4% increase from a year ago.

 

  • California sales and prices increase.  The median sales price of a California home reached a near four-year high in July, according to data released by the California Association of Realtors.  California home sales and prices both posted gains in July, with the sales pace showing positive year-over-year growth for the fourth straight month. The median price was $333,860, up 4.2% from the previous month and 12.7% from the year-ago month.  Total sales ticked up 2% from June and 15.3% from a year ago.

 

  • San Diego sales and prices increase.  CAR reported the median price of a home in San Diego County reached $392,380 last month, up 1.1% from June and 4.5% over July of last year.  Total sales increased 18.2% on an annual basis but fell 4.7% from the prior month. 

 

  • Low inventory means lower pending sales.  The unsold inventory for San Diego County in July was 4.2 months, the same as in June, but down from 6.7 months a year ago.  This means that if no new inventory came on the market, all homes would be exhausted in just over 4 months.  Because of this low inventory, pending sales are suffering.  CAR’s Pending Home Sales Index (PHSI), which measures the number of homes that are under contract,  fell 4.2% from a revised 121.2 in June to 116.1 in July.  Pending sales were up 2.8% from the 113.0 score recorded in July 2011. July marked the 15th straight month that pending sales were higher than the previous year, but July’s year-over-year increase was the smallest in the past year.  Pending home sales are forward-looking indicators of future home sales activity, providing information on the future direction of the market.  If inventory doesn’t increase, pending sales will continue to suffer.

 

  • Foreclosure activity and inventory is down.  Foreclosure rates in San Diego-Carlsbad-San Marcos decreased for the month of June over the same period last year, according to CoreLogic (NYSE: CLGX).  The rate of San Diego-Carlsbad-San Marcos area foreclosures among outstanding mortgage loans was 1.90% for the month of June 2012, a decrease of 0.25% compared to June 2011 when the rate was 2.15%.  The mortgage delinquency rate also decreased. In June 2012, 5.18% of mortgage loans were 90 days or more delinquent compared to 6.82% for the same period last year, representing a decrease of 1.64%.  Because of the decrease in the foreclosure rate, the share of distressed sales in San Diego decreased to 20% in July from 22% in June and 26% in July 2011.

In all, the real estate market continues to be the beacon of hope for the rest of the local, state, and national economy.  Now if we could just get more inventory.  Any suggestions??

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Bryan & Allison Devore

Prudential California Realty

(760) 908-3838

North San Diego County and Carlsbad Real Estate

 

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