California real estate market: the good and the bad
California real estate market: the good and the bad
The state of the California housing market is a mixed bag - no surprise here - and recently released data is continuing to offer conflicting views.
One article, found on CNNMoney.com, is saying California is displaying signs of stability while the rest of the nation is still mired in unknown territory, most of it negative. Pointing to price data, the article notes that prices all across the golden state have been on the rise for the last nine months. For Bay Area homeowners, the news is even more welcoming to hear. San Francisco topped the list in terms of price gains compared to all other U.S. metro areas.
Home prices are rising in virtually every corner of the state. They've climbed for nine consecutive months, and in July posted a 10.4% gain year-over-year. That puts the state's median price at $315,000 -- nearly twice the national median of $183,000...San Francisco posted the biggest gain of any U.S. metro over the past year, rising 14.3%. The median price there is now more than $607,000.Read more: http://www.sfgate.com/cgi-bin/blogs/ontheblock/detail?entry_id=72508#ixzz12SDF5GP3
The rise in prices was attributed to the falling inventory in distressed properties, increase in the number of short sales and an economy that is on the mend.
Most of the subprime-related distressed properties have been flushed from the system. And when a foreclosure does hit the market, it's snapped up. The median days it took to sell a home in July was just 44 --lightening fast.
"It's the dearth of supply for distressed properties that has put pressure on home prices," said Appleton-Young, [California Association of Realtors' chief economist]. "More than half the homes on the market last year drew multiple offers."
So, while prices have gone up with our very own San Francisco metro area leading the charge, there's still bad news. As reported on SFGate, the volume of sales in Northern California dropped by 11% in the month of August. Same time last year, 7500 homes exchanged hands compared to 6700 homes last month - the lowest number of sales for the month of August, which is traditionally a popular summer homebuying time, in 18 years.
So how should one digest the mixed data and messages? Does the rise in the median price mean that the bottom has come and gone? Or is the low number of sales just a foreshadowing of more gloom to come to the golden state?Read more: http://www.sfgate.com/cgi-bin/blogs/ontheblock/detail?entry_id=72508#ixzz12SDORu9s
Posted By: Jenny Pisillo (Email) September 17 2010 at 10:10 AM
Listed Under: Bay Area, Real estate data, Sales, San Francisco Read more: http://www.sfgate.com/cgi-bin/blogs/ontheblock/detail?entry_id=72508#ixzz12SDTJpQ7
The state of the California housing market is a mixed bag - no surprise here - and recently released data is continuing to offer conflicting views.
One article, found on CNNMoney.com, is saying California is displaying signs of stability while the rest of the nation is still mired in unknown territory, most of it negative. Pointing to price data, the article notes that prices all across the golden state have been on the rise for the last nine months. For Bay Area homeowners, the news is even more welcoming to hear. San Francisco topped the list in terms of price gains compared to all other U.S. metro areas.
Home prices are rising in virtually every corner of the state. They've climbed for nine consecutive months, and in July posted a 10.4% gain year-over-year. That puts the state's median price at $315,000 -- nearly twice the national median of $183,000...San Francisco posted the biggest gain of any U.S. metro over the past year, rising 14.3%. The median price there is now more than $607,000.Read more: http://www.sfgate.com/cgi-bin/blogs/ontheblock/detail?entry_id=72508#ixzz12SDF5GP3
The rise in prices was attributed to the falling inventory in distressed properties, increase in the number of short sales and an economy that is on the mend.
Most of the subprime-related distressed properties have been flushed from the system. And when a foreclosure does hit the market, it's snapped up. The median days it took to sell a home in July was just 44 --lightening fast.
"It's the dearth of supply for distressed properties that has put pressure on home prices," said Appleton-Young, [California Association of Realtors' chief economist]. "More than half the homes on the market last year drew multiple offers."
So, while prices have gone up with our very own San Francisco metro area leading the charge, there's still bad news. As reported on SFGate, the volume of sales in Northern California dropped by 11% in the month of August. Same time last year, 7500 homes exchanged hands compared to 6700 homes last month - the lowest number of sales for the month of August, which is traditionally a popular summer homebuying time, in 18 years.
So how should one digest the mixed data and messages? Does the rise in the median price mean that the bottom has come and gone? Or is the low number of sales just a foreshadowing of more gloom to come to the golden state?Read more: http://www.sfgate.com/cgi-bin/blogs/ontheblock/detail?entry_id=72508#ixzz12SDORu9s
Posted By: Jenny Pisillo (Email) September 17 2010 at 10:10 AM
Listed Under: Bay Area, Real estate data, Sales, San Francisco Read more: http://www.sfgate.com/cgi-bin/blogs/ontheblock/detail?entry_id=72508#ixzz12SDTJpQ7
posted by Admin at
11:35 AM
0 Comments:
Post a Comment
Subscribe to Post Comments [Atom]
<< Home