Wednesday, April 23, 2014
PLACERVILLE, CALIFORNIA
99 CENTS

California home sales decline in December

By
From page HS7 | January 24, 2014 | Leave Comment

LOS ANGELES — California home sales fell for the fifth straight month in December as the distressed market plays a dwindling role in the state’s housing market. Sales for the year were down 5.9 percent from 2012 as tight housing inventory and higher home prices squeezed out would-be buyers, the California Association of Realtors reported.

“We typically see an uptick in distressed sales at the end of the year as lenders try to move these properties off their books,” said CAR President Kevin Brown. “However, the supply of foreclosures and short sales is the lowest it’s been since well before the financial crisis, greatly constraining the number of these transactions. In addition, housing prices are improving across the board, even reaching pre-2007 levels in parts of the Bay Area. Higher prices and rising rates as the Fed slowly tapers are additional factors in the sales slowdown evidenced in the December numbers.”

Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 361,890 units in December, according to information collected by CAR from more than 90 local Realtor associations and MLSs statewide. Sales in December were down 6.7 percent from a revised 387,860 in November and down 18.6 percent from a revised 444,770 in December 2012. The statewide sales figure represents what would be the total number of homes sold during 2013 if sales maintained the December pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.

For 2013 as a whole, a preliminary 413,870 single-family homes closed escrow in California, down 5.9 percent from a revised 2012 figure of 439,790.

Home prices reversed a three-month decline and climbed in December. The statewide median price of an existing, single-family detached home rose 3.7 percent from November’s median price of $422,210 to $438,040 in December. December’s price was 19.7 percent higher than the revised $365,840 recorded in December 2012, marking a year and a half of double-digit annual gains and the first time in 15 months that the annual increase was below 20 percent. 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.

“While the month-to-month price gain was higher than normal, home prices have been stabilizing in the second half of 2013, which is positive news for buyers who have been putting their home search on hold until prices leveled off,” said CAR Vice President and Chief Economist Leslie Appleton-Young. “California’s housing market experienced strong price growth throughout the year, with the median price surging 27.5 percent for the year as a whole from $319,300 in 2012 to $407,180 in 2013. But again, the increase in the median price can be partly attributed to the increase in sales of higher-priced properties, where tight inventory was less of a factor.”

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

• The available supply of existing, single-family detached homes for sale dropped in December to 3 months, down from November’s Unsold Inventory Index of 3.6 months. The index was 2.6 months in December 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 increased to 40.2 days in December, up from 36.7 days in November and from 38.1 days in December 2012.

• Mortgage rates rose in December, with the 30-year, fixed-mortgage interest rate averaging 4.46 percent, up from 4.26 percent in November and up from 3.35 percent in December 2012, according to Freddie Mac. Adjustable-mortgage interest rates in December averaged 2.56 percent, down from 2.61 in November but up from 2.54 percent in December 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

 
More mountain lion sightings reported

By Dawn Hodson | From Page: A1, 8 Comments

Supervisor Nutting trial begins

By Cole Mayer | From Page: A1, 71 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, 23 Comments

 
Building restored

By Mountain Democrat | From Page: A4

 
Outstanding dog

By Mountain Democrat | From Page: A4

.

Letters

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

 
Misquote

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

Altshuler framing

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

 
.

Sports

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

Outside with Charlie: Transitioning

By Charlie Ferris | From Page: A6

 
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, 2 Comments

 
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, 6 Comments

Marion “Wayne” Griswold

By Contributor | From Page: A2

 
.

Real Estate

.

Comics

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

Sudoku

By Contributor | From Page: A8