Wednesday, April 23, 2014
PLACERVILLE, CALIFORNIA
99 CENTS

2014 market looking good

By
From page HS21 | November 08, 2013 | Leave Comment

LOS ANGELES — After distressed sales lost their hold on much of California’s market, the state’s housing market will continue to improve in 2014, with sales shifting toward primary home buyers and both sales and home prices posting further gains, according to the California Association of Realtors’ 2014 California Housing Market Forecast.

The CAR forecast sees sales gaining 3.2 percent next year to reach 444,000 units, up from the projected 2013 sales figure of 430,300 homes sold.  Sales in 2013 will be down 2.1 percent from the 439,400 existing, single-family homes sold in 2012.

“The housing market has improved over the past year, and we expect this trend to continue into 2014,” said CAR President Don Faught. “As the economy enters the fourth year of a modest recovery, we expect to see a strong demand for homeownership, as buyers who may have been competing with investors and facing an extreme shortage of available housing return from the sidelines.”

CAR’s forecast projects growth in the U.S. Gross Domestic Product of 2.8 percent in 2014, after a projected gain of 1.8 percent in 2013. With nonfarm job growth of 1.9 percent in California, the state’s unemployment rate should decrease to 8.3 percent in 2014 from 9 percent in 2013 and 10.5 percent in 2012.

The average for 30-year fixed mortgage interest rates will rise to 5.3 percent but will still remain at historically low levels.

The California median home price is forecast to increase 6 percent to $432,800 in 2014, following a projected 28 percent increase in 2013 to $408,600.

“We’ve seen a marked improvement in housing market conditions in a year with the distressed market shrinking from one in three sales a year ago to less than one in five in recent months, thanks primarily to sharp gains in home prices,” said CAR Vice President and Chief Economist Leslie Appleton-Young. “As the market continues to improve, more previously underwater homeowners will look toward selling, making housing inventory less scarce in 2014.  As a result of these factors, we’ll see home price increases moderate from the double-digit increases we saw for much of this year to mid-single digits in most of the state.”

LEAVE A COMMENT

Discussion | No comments

.

News

Herard over the back fence: Try fishing at Wakamatsu

By Bob Billingsley | From Page: B1

 
Downtown group coordinates painting, awnings

By Wendy Schultz | From Page: A1

 
More mountain lion sightings reported

By Dawn Hodson | From Page: A1, 8 Comments

Supervisor Nutting trial begins

By Cole Mayer | From Page: A1, 73 Comments | Gallery

 
Sanford murder case to jury

By Cole Mayer | From Page: A1 | Gallery

 
Gearing tax questions to correct office saves time

By Treasurer-Tax Collector | From Page: A3

.

Opinion

Building restored

By Mountain Democrat | From Page: A4

 
Outstanding dog

By Mountain Democrat | From Page: A4

My turn: More than a buzzword

By Special to the Democrat | From Page: A4, 23 Comments

 
.

Letters

Misquote

By Letters to the Editor | From Page: A5, 9 Comments

 
Altshuler framing

By Letters to the Editor | From Page: A5, 9 Comments

National Day of Prayer

By Letters to the Editor | From Page: A5, 2 Comments

 
‘Parents, be afraid’ letter

By Letters to the Editor | From Page: A5, 20 Comments

Ukranian situation

By Letters to the Editor | From Page: A5, 4 Comments

 
.

Sports

Outside with Charlie: Transitioning

By Charlie Ferris | From Page: A6

 
Pitching the ‘Root’ cause of Trojans’ victory

By Mike Bush | From Page: A6 | Gallery

Pedal power at the forefront next month

By Jerry Heinzer | From Page: A6 | Gallery

 
Sports Scene: April 22, 2014

By Democrat Staff | From Page: A7

Roundup: April 22, 2014

By Democrat Staff | From Page: A7

 
.

Prospecting

4-H’ers star at showcase

By Dawn Hodson | From Page: B1 | Gallery

 
Authors to share their stories

By Pat Lakey | From Page: B2, 2 Comments

At a glance: Look for fireballs

By Mimi Escabar | From Page: B2, 1 Comment

 
Church to host human trafficking conference

By Pollock Pines | From Page: B3

Grow For It! Flower of Easter

By Barbara Schuchart | From Page: B5

 
.

Essentials

Weather stats 4-22-14

By Michael Raffety | From Page: A2

 
Building permits 4/7-11/2014

By Michael Raffety | From Page: A2

Crime Log: April 1-3

By Cole Mayer | From Page: A2

 
.

Obituaries

Bobby Lloyd Bridges

By Contributor | From Page: A2

 
Harry Frank Harper

By Contributor | From Page: A2, 6 Comments

Marion “Wayne” Griswold

By Contributor | From Page: A2

 
.

Real Estate

.

Comics

Working It Out

By Contributor | From Page: A8

 
TV Listings

By Contributor | From Page: A8

Shoe

By Contributor | From Page: A8

 
Sudoku

By Contributor | From Page: A8

Rubes

By Contributor | From Page: A8

 
New York Times Crossword

By Contributor | From Page: A8

Flying McCoys

By Contributor | From Page: A8

 
Speed Bump

By Contributor | From Page: A8

Tundra

By Contributor | From Page: A8

 
Horoscope, Thursday, April 24, 2014

By Contributor | From Page: A8

Horoscope, Wednesday, April 23, 2014

By Contributor | From Page: A8