Wednesday, April 23, 2014
PLACERVILLE, CALIFORNIA
99 CENTS

August single-family home sales ease back

By
From page HS7 | September 20, 2013 | Leave Comment

Condo and townhome market takes off

California Association of Realtors

LOS ANGELES — Following a strong performance in July, California’s housing market pulled back in August as mortgage rates continued to inch up, although sales of condominiums and townhomes remained robust, the California Association of Realtors reported.

“The condo and townhome market has been performing exceptionally well, as rising single-family home prices and limited inventory prompted many buyers to look for a more affordable alternative,” said CAR President Don Faught. “In fact, sales of condominiums and townhomes surged almost 8 percent from last August and are up nearly 5 percent year to date compared to last year.”

Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 434,700 units in August, according to information collected by CAR from more than 90 local Realtor associations and MLSs statewide. Sales in August were down 2 percent from a revised 443,500 in July and down 1.9 percent from a revised 443,030 in August 2012. The statewide sales figure represents what would be the total number of homes sold during 2013 if sales maintained the August pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.

Home prices continued in an upward trend in August, reaching levels not seen in more than five years. The statewide median price of an existing, single-family detached home was up 1.7 percent from July’s median price of $433,910 to reach $441,330 in August, the highest price recorded since December 2007. August’s price was 28.4 percent higher than the revised $343,800 recorded in August 2012, marking a year and a half of annual price increases and the 14th straight month of double-digit annual gains. The median sales price is the point at which half of homes sold for more and half sold for less; it is influenced by the types of homes selling as well as a general change in values.

“Housing inventory levels are improving, especially in homes priced below $750,000.  Indeed, the number of active listings across all price ranges has been rising on a month-to-month basis for the last six months and has reached the highest level since mid-2012,” said CAR Vice President and Chief Economist Leslie Appleton-Young. “As housing supply loosens up with the seasonal slowdown, annual home price increases are expected to taper as we’ve observed in the last two months.”

Other key facts of CAR’s August 2013 resale housing report include:

• The available supply of existing, single-family detached homes for sale inched up in August to 3.1 months, up from July’s Unsold Inventory Index of 2.9 months. The index was 3.2 months in August 2012. 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 typical in a normal market.

• The median number of days it took to sell a single-family home also edged up to 28.8 days in August from 27.8 days in July, but was down from 41.1 days in August 2012.

• Mortgage rates moved higher in August, with the 30-year, fixed-mortgage interest rate averaging 4.46 percent, up from 4.37 percent in July 2013 and up from 3.60 percent in August 2012, according to Freddie Mac. Adjustable-mortgage interest rates in August averaged 2.65 percent, slightly down from 2.66 in July but down from 2.67 percent in August 2012.

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

No quick fix for California’s highways

By Dawn Hodson | From Page: A1

 
More mountain lion sightings reported

By Dawn Hodson | From Page: A1, 1 Comment

Supervisor Nutting trial begins

By Cole Mayer | From Page: A1, 8 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

My turn: More than a buzzword

By Special to the Democrat | From Page: A4, 3 Comments

 
Building restored

By Mountain Democrat | From Page: A4

 
Outstanding dog

By Mountain Democrat | From Page: A4

.

Letters

Altshuler framing

By Letters to the Editor | From Page: A5, 1 Comment

 
National Day of Prayer

By Letters to the Editor | From Page: A5

‘Parents, be afraid’ letter

By Letters to the Editor | From Page: A5, 3 Comments

 
Ukranian situation

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

Misquote

By Letters to the Editor | From Page: A5, 3 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

 
At a glance: Look for fireballs

By Mimi Escabar | From Page: B2, 1 Comment

Authors to share their stories

By Pat Lakey | 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

Crime Log: April 1-3

By Cole Mayer | From Page: A2

 
Weather stats 4-22-14

By Michael Raffety | From Page: A2

Building permits 4/7-11/2014

By Michael Raffety | From Page: A2

 
.

Obituaries

Bobby Lloyd Bridges

By Contributor | From Page: A2

 
Harry Frank Harper

By Contributor | From Page: A2

Marion “Wayne” Griswold

By Contributor | From Page: A2

 
.

Real Estate

.

Comics

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

Working It Out

By Contributor | From Page: A8

 
TV Listings

By Contributor | From Page: A8

Shoe

By Contributor | From Page: A8