Inland Empire Weekend Guide for 10/26 | Inland Empire - Southern California

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William Lim
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I just saw it on CNN.com: Self-driving cars now legal in California

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William Lim has sent you some information from the CALIFORNIA ASSOCIATION OF REALTORS(R) Web site.

August home sales and price report

August home sales and price report

California home sales decline in August

Median price hits four-year high, C.A.R. says

A lack of inventory remains an issue, as the housing supply fell more than 30 percent from last year. Inventory levels are at the lowest levels we’ve seen in seven years, and we are starting to see the supply shortage conditions having a negative impact on sales in the Central Valley and the Inland Empire, where REO properties are in short supply.

August marked the fifth consecutive month that sales were higher than the previous year, with closed escrow sales of existing, single-family detached homes in California totaling a seasonally adjusted annualized rate of 511,240 units, according to information collected by C.A.R. from more than 90 local REALTOR® associations and MLSs statewide.

Sales in August were down 3.4 percent from a revised 529,430 in July but up 2.3 percent from a revised 499,880 in August 2011. The statewide sales figure represents what would be the total number of homes sold during 2012 if sales maintained the August pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.

The statewide median price of an existing, single-family detached home rose 3 percent to $343,820 in August, up from July’s $333,860 median price. The August figure was up 15.5 percent from a revised $297,660 recorded in August 2011, marking the sixth consecutive month of both month-to-month and year-to-year price increases. August’s median price was the highest since August 2008, when the median price was $352,730. The year-to-year increase was the largest in more than two years.

“The median price is gaining in part because of a shift in the mix of what is selling. The increasing share of sales in higher-priced coastal markets at the expense of the inventory-scarce distressed markets has been the primary factor in fueling the statewide median price,” said C.A.R. Vice President and Chief Economist Leslie Appleton-Young. “While higher-priced markets with a robust economy are experiencing a strong demand in equity sales and posting double-digit year-over-year price increases, sales in lower-priced markets that rely more on distressed properties were stagnant or even declined, as the inventory of REO properties continues to wane.”

Other key facts of C.A.R.’s August 2012 resale housing report include:

California’s housing inventory continued its downward trend in August, with the Unsold Inventory Index for existing, single-family detached homes declining to 3.2 months, down from a revised 3.5 months in July and a revised 5.2 months in August 2011. The index indicates the number of months needed to sell the supply of homes on the market at the current sales rate. A six- to seven-month supply is considered normal.

Interest rates edged up slightly in August after four consecutive months of decreases. Thirty-year fixed-mortgage interest rates averaged 3.60 percent during August 2012, up from 3.55 percent in July, but down from 4.27 percent in August 2011, according to Freddie Mac. Adjustable-mortgage interest rates edged down in August, averaging 2.67 percent, down from 2.69 percent in July and down from 2.93 percent in August 2011.

Homes moved faster on the market in August, with the median number of days it took to sell a single-family home falling to 41.1 days in August 2012 from 43.2 days in July and down from a revised 52.5 days for the same period a year ago.

August 2012 County Sales and Price Activity
(Regional and condo sales data not seasonally adjusted)

August 2012	Median Sold Price of Existing Single-Family Homes							Sales
State/Region/County	Aug. 2012	July 2012		Aug. 2011		MTM% Chg	YTY% Chg	MTM% Chg	YTY% Chg
Calif. single-family (SAAR)	$343,820	$333,860		$297,660	r	3.0%	15.5%	-3.4%	2.3%
Calif. condo/townhomes	$258,700	$250,210		$224,640	r	3.4%	15.2%	10.6%	10.2%
Los Angeles Metro Area	$314,870	$309,390	r	$275,100		1.8%	14.5%	5.9%	8.1%
Inland Empire	$192,940	$191,130		$173,670		0.9%	11.1%	3.7%	-5.7%
San Francisco Bay Area	$567,900	$579,540		$498,190		-2.0%	14.0%	1.3%	9.2%
San Francisco Bay Area
Alameda	$539,820	$537,800		$468,900		0.4%	15.1%	-2.9%	11.4%
Contra-Costa (Central County)	$628,290	$649,800		$607,310		-3.3%	3.5%	-6.6%	9.7%
Marin	$806,450	$845,980		$806,550		-4.7%	0.0%	5.7%	38.3%
Napa	$385,710	$419,230		$354,760		-8.0%	8.7%	16.8%	12.8%
San Francisco	$692,980	$728,690		$632,270		-4.9%	9.6%	13.6%	22.5%
San Mateo	$777,500	$801,500		$742,000		-3.0%	4.8%	-6.4%	0.7%
Santa Clara	$666,750	$690,000		$595,000		-3.4%	12.1%	0.3%	2.9%
Solano	$202,240	$196,110		$197,880		3.1%	2.2%	12.9%	7.5%
Sonoma	$385,610	$352,780		$339,200		9.3%	13.7%	2.0%	10.6%
Southern California
Los Angeles	$344,770	pppp

William Lim has shared: Economists bullish on housing recovery | Inman News

Economists bullish on housing recovery Economists now forecast home prices will rise 2.3 percent in 2012 from fourth-quarter 2011, and see further cumulative rises of 4.7 percent in 2013, 8 percent in 2014, 11.4 percent in 2015, and 15.2 percent in 2016.
	Economists bullish on housing recovery | Inman News Source: inman.com Survey: More than half favor elimination of mortgage interest tax deduction. Home prices will see steady increases through 2016 starting this year, according to a quarterly survey of more than 100 economists, real estate experts and investment strategists. The survey, conducted by research and consulting firm Pulsenomics LLC on behalf of real estate search and valuation portal Zillow between Aug. 30-Sept. 14, 2012, asked 113 participants to project the path of the S&P/Case-Shiller U.S. National Home Price Index over the next five years.

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William Lim has shared: New listing at 5517 Carriage Place, Alta Loma, CA 91737. Deer Creek's ESTATE COLLECTIO - Rancho Cucamonga Real Estate Site by Realtor William Lim

	New listing at 5517 Carriage Place, Alta Loma, CA 91737. Deer Creek's ESTATE COLLECTIO - Rancho Cucamonga Real Estate Site by Realtor William Lim Source: williamlim.com Deer Creek's Estate Collection, The Luxury Executive Homes in Rancho Cucamonga, California

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William Lim has shared: Investors Delight Home For Sale This Week March 18, 2012 - Rancho Cucamonga Real Estate Site by Realtor William Lim

	Investors Delight Home For Sale This Week March 18, 2012 - Rancho Cucamonga Real Estate Site by Realtor William Lim Source: williamlim.com Are you an Investor and looking for Hot Investment Properties? Check these great valued single family homes for sale in Rancho Cucamonga and Fontana Real Estate Market Place. Call toll free 1-888-249-8949 for a private tour.

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