Existing-Home sales surge in many states in Third Quarter, Metro prices moderating according to the latest survey released today by the National Association of Realtors® most states continued to experience a rise existing-home sales in the third quarter, with prices moderating in many metro areas.
Total state existing-home sales, including single-family and condo, increased 11.4 percent to a seasonally adjusted annual rate1 of 5.30 million units in the third quarter from 4.76 million units in the second quarter, and are now 5.9 percent above the 5.01 million-unit pace in the third quarter of 2008.
Sales increased from the second quarter in 45 states and the District of Columbia; 28 states and D.C. saw double-digit gains. Year-over-year sales were higher in 32 states and D.C.
The third-quarter median metro area single-family home prices ranged from a low $61,400 in the Saginaw-Saginaw Township North area of Michigan to $566,000 in the San Jose-Sunnyvale-Santa Clara area of California. The second most expensive area in the third quarter was San Francisco-Oakland-Fremont at $538,100; followed by the Anaheim-Santa Ana-Irvine area of California at $498,800.
Alameda’s median price for the third quarter of this year was $568,000 for all property sales and $650,000 for single family residences. For single family residences this is a $5,000 increase over last year’s third quarter results.
Much of the increase in sales is being credited to the credit. Lawrence Yun, NAR chief economist, said the tax credit is a significant factor in sales increasing this past quarter. “We can’t underestimate just how powerful a catalyst the first-time home buyer tax credit has been for the housing sector,” he said. “It’s given buyers the confidence they needed to get off the fence and take advantage of extremely affordable housing conditions.”
The industry economist stated that the buying conditions this year are the most favorable on record dating back to 1970, and the tax credit is allowing buyers to set aside any reservations about waiting for a better deal.
During the third quarter, 123 out of 153 metropolitan statistical areas reported lower median existing single-family home prices in comparison with the third quarter of 2008, while 30 areas had price gains. The national median existing single-family price was $177,900, which is 11.2 percent below the third quarter of 2008.
“The decline in the national median price has moderated recently, and a shrinking supply of unsold inventory suggests we are getting closer to price stabilization in many areas, but we need a steady stream of financially qualified buyers to further reduce inventory and get us to a self-sustaining market,” Yun said. “Foreclosures will continue to come on the market, but rising sales from the expanded tax credit should stabilize home prices by next spring and help to stem future foreclosures.”
For us locally, it appears that stabilization is very close and may have already happened as sales have grown each of the last four months and homes are beginning to sell at or above asking price. Given the tax credit, interest rates and low inventory my guess is prices for homes will creep up in the coming months. It will be interesting to see what happens in the Spring when the prime selling season begins and the tax credit is gone.
Showing posts with label Alameda Median Home Price. Show all posts
Showing posts with label Alameda Median Home Price. Show all posts
Tuesday, November 10, 2009
Monday, August 24, 2009
Alameda Bucks National Trends
Most of us know that Alameda is a different place to live and in the Real Estate world it does not follow state or national trends.
On Friday, the National Association of Realtors (NAR), reported home sales moved up in July, both the Bay Area and the nation, even though locally Alameda saw sales decline both month-over-month and year-over-year for the month.
The NAR is reporting sales are up for the fourth consecutive month. The Association show that sales were up 5 percent in July from a year ago to a seasonally adjusted 5.24 million units. Nationwide, it said, there is a 9.4-month supply of inventory for sale. A healthy market has about seven months of supply, so buyers still have a lot of inventory to select from in the market.
Based on yesterday’s Alameda Inventory numbers the Island has four months of inventory. The Island has been in the real estate doldrums as inventory has been depleted and sales have been slow the entire year.
DataQuick also released a report on Friday, they reviewed the nine-county Bay Area, that showed the median price for a home the Bay Area climbed month-over-month June's $360,000 median rose to a median price of $408,250 in July a 13.4 percent increase. The bad news is the median is still down 15.8 percent from a year ago when the median was $485,000.
Alameda saw a dip in the median from $599,000 in June to $582,000 in July, a three percent decrease. The year-over-year median price decrease was nine percent.
Inventory for foreclosures and low priced homes has dropped creating bidding situations. The result is intense competition for homes under $300,000 throughout the Nation driving prices up.
Alameda continues to buck the National trend in many ways, except for declining prices.
Alameda Inventory Data
On Friday, the National Association of Realtors (NAR), reported home sales moved up in July, both the Bay Area and the nation, even though locally Alameda saw sales decline both month-over-month and year-over-year for the month.
The NAR is reporting sales are up for the fourth consecutive month. The Association show that sales were up 5 percent in July from a year ago to a seasonally adjusted 5.24 million units. Nationwide, it said, there is a 9.4-month supply of inventory for sale. A healthy market has about seven months of supply, so buyers still have a lot of inventory to select from in the market.
Based on yesterday’s Alameda Inventory numbers the Island has four months of inventory. The Island has been in the real estate doldrums as inventory has been depleted and sales have been slow the entire year.
DataQuick also released a report on Friday, they reviewed the nine-county Bay Area, that showed the median price for a home the Bay Area climbed month-over-month June's $360,000 median rose to a median price of $408,250 in July a 13.4 percent increase. The bad news is the median is still down 15.8 percent from a year ago when the median was $485,000.
Alameda saw a dip in the median from $599,000 in June to $582,000 in July, a three percent decrease. The year-over-year median price decrease was nine percent.
Inventory for foreclosures and low priced homes has dropped creating bidding situations. The result is intense competition for homes under $300,000 throughout the Nation driving prices up.
Alameda continues to buck the National trend in many ways, except for declining prices.
Alameda Inventory Data
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Monday, May 4, 2009
Alameda April Sales
April Sales for Alameda, CA has some good news, actually some very good news. Home sales for the Island were up 40-percent from the prior month. To add to the good news was 11 of the 35 sales recorded sold at or above listing price.
Total dollar volume of sales was $20,514,499 that translates into $246,174 in parcel transfer tax for the City of Alameda.
The only negative in the numbers is year-over-year sales are down 34%. Looking deeper into the yearly comparison shows that pricing continues to take a hit. In April 2009 the median sale price was $602,000 and the average sale price was $586,129. Compared to the same month in 2008, the median was $629,000 and the average $635,594.
Total dollar volume of sales was $20,514,499 that translates into $246,174 in parcel transfer tax for the City of Alameda.
The only negative in the numbers is year-over-year sales are down 34%. Looking deeper into the yearly comparison shows that pricing continues to take a hit. In April 2009 the median sale price was $602,000 and the average sale price was $586,129. Compared to the same month in 2008, the median was $629,000 and the average $635,594.
Sales for the Month
http://spreadsheets.google.com/pub?key=rN1PFyA77PzwFzQZLWQsOpQ
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Wednesday, February 25, 2009
Tumbling Down
Yesterday, it was reported that U.S. home prices tumble at record pace with home prices off 18.5 percent in December from the prior year according to two housing indexes.
As we talked about in yesterday's post, the Federal Government’s new “Homeowner Affordability and Stability Plan” may find more people ineligible as prices fall, because homeowners may not qualify. The estimated 5 million borrowers in good standing who are current on their payments but owe from 80 percent to 105 percent of their home's value would be able to refinance into a lower interest-rate loan.
Nationally, home prices have fallen to 2003-levels, and half of the metro areas in the 20-city Case-Shiller Home Price Index have lost more than 20 percent of their values from their peaks in 2006. The Federal Housing Finance Agency also reported that prices saw their largest annual decline on record since 1991; dropped 8.2 percent from 2007 to 2008.
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The Case-Shiller Report revealed that
December 2006 median $615,000
December 2007 median $588,000
December 2008 median $552,500
The more startling number is if you look at 24-months of median pricing and see the 20% swing from a high in September 2007 to the low in September 08. Because of the low sales volume in
If you look at the Alameda 2007 median home price verse the 2008 you will see about a 7.5% decline in price. I think that this more of a reflection of the actual market, but we are seeing several individual properties with bigger declines. The next three months will give us a true feeling of the direction of the market as we enter the traditional buying season.
12-months 2007 median price $649,000
12-months 2008 median price $600,000
Video on the Industry reports
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