Friday, August 1, 2014
PLACERVILLE, CALIFORNIA
99 CENTS

Housing demand strong in California

By
From page C11 | November 23, 2012 |

California’s housing market continued its momentum in October, posting strong year-over-year sales and price gains in nearly every county of the state, the California Association of Relators recenlty reported.

“Sales surged to the highest level since May, with demand continuing to be strong across all parts of the state,” said 2013 CAR President Don Faught. “Sales were particularly robust in the coastal markets, but they also rose significantly in many non-metropolitan areas, as confidence toward the housing market continued to improve.  Most counties in the Northern California region, for example, posted double-digit year-over-year sales gains in October.”

Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 544,380 units, according to information collected by CAR from more than 90 local Realtor associations and MLSs statewide. Sales in October were up 12.5 percent from a revised 484,050 in September and up 10.2 percent from a revised 493,790 in October 2011. The statewide sales figure represents what would be the total number of homes sold during 2012 if sales maintained the October 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 declined 1.1 percent from September’s $345,000 median price to $341,370 in October. October’s price was up 23 percent from a revised $277,450 recorded in October 2011, marking the eighth consecutive month of annual price increases and the fourth consecutive month of double-digit annual gains. The year-to-year increase was the largest since May 2010.

“Although the statewide median price was off its recent high reached last month, it is not unusual to see an October dip in price as we transition from the peak season to the low season,” said CAR Vice President and Chief Economist Leslie Appleton-Young. “The year-over-year price gain, on the other hand, has been accelerating since early 2012, as sales of higher-priced homes continue to improve. With the supply shortage, especially of lower-priced homes, expected to remain an issue in the near future, we will likely see solid year-over-year price gains through the first quarter of next year, as sales of higher-priced homes grow.”

Other key facts of CAR’s October 2012 resale housing report include:

• California’s housing inventory tightened in October, with the Unsold Inventory Index for existing, single-family detached homes dropping to 3.1 months, down from 3.7 months in September and a revised 5.5 months in October 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 dipped further in October, with the 30-year fixed-mortgage interest rate averaging 3.38 percent during October 2012, down from 3.47 percent in September, and down from 4.07 percent in October 2011, according to Freddie Mac.  Adjustable-mortgage interest rates also edged down in October, averaging 2.59 percent, down from 2.60 percent in September and down from 2.92 percent in October 2011.

• Homes continued to sell at a faster pace in October, with the median number of days it took to sell a single-family home falling to 38 days in October 2012 from 39.3 days in September and down from a revised 55.1 days for the same period a year ago.

Comments

comments

.

News

Cameron Park house burns

By Dawn Hodson | From Page: A1 | Gallery

 
Supes delay petition

By Chris Daley | From Page: A1

Fire generated small city, inspired volunteers

By Dawn Hodson | From Page: A1 | Gallery

 
Sand Fire 95% contained

By Cole Mayer | From Page: A1

 
Two fires in town

By Cole Mayer | From Page: A3

SUV hits parked cars

By Dawn Hodson | From Page: A12

 
.

Opinion

The weekly Daley: The wrong side of history

By Chris Daley | From Page: A4

 
Billingsley’s bullets: Advice from my psychiatrist

By Bob Billingsley | From Page: A4

.

Letters

Second Amendment

By Letters to the Editor | From Page: A5Comments are off for this post

 
Pollock Pines’ Fourth of July Parade

By Letters to the Editor | From Page: A5Comments are off for this post

Water conservation

By Letters to the Editor | From Page: A5Comments are off for this post

 
Koby

By Letters to the Editor | From Page: A5

Debt reduction at EID with Coco?

By Letters to the Editor | From Page: A5

 
Time for change in CP

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

Olives need less water

By Letters to the Editor | From Page: A5

 
EID rate discrimination

By Letters to the Editor | From Page: A5Comments are off for this post

.

Sports

Camp draws good numbers

By Jerry Heinzer | From Page: A9Comments are off for this post | Gallery

 
New law tackles gridiron concussion problem

By Mike Bush | From Page: A9 | Gallery

Outside with Charlie: Rafting denied

By Charlie Ferris | From Page: A9

 
Racing returns with big 5-division card

By Bill Sullivan | From Page: A9

Roundup: July 31, 2014

By Democrat Staff | From Page: A10

 
.

Prospecting

Sing while you paint

By Placerville Arts Association | From Page: B1Comments are off for this post | Gallery

 
Plenty of golden fun during SlugFest

By Democrat Staff | From Page: B2 | Gallery

Things to do: Aug. 1, 2014

By Democrat Staff | From Page: B2

 
The making of a champion

By Special to the Democrat | From Page: B2

Art on the Divide is showing new exhibitor

By Art On The Divide | From Page: B3

 
‘The Flu Season’ stirs emotions

By Ovation Stage | From Page: B4

Guitar group performs in Sutter Creek

By Sutter Creek | From Page: B5

 
Time to register for classes at Center Stage

By Center Stage Dance Academy | From Page: B5

Get a groove on in Sutter Creek

By Sutter Creek | From Page: B8

 
Chris Young in concert at Carson Valley Inn

By Carson Valley Inn | From Page: B8

The music continues at Bear Valley Music Festival

By News Release | From Page: B8

 
Sacramento Museums are celebrating

By Sacramento Association Of Museums | From Page: B9

 
.

Essentials

Weather stats

By Michael Raffety | From Page: A2

 
Crime Log: July 17-19

By Cole Mayer | From Page: A2

.

Obituaries

Mark A. Smith

By Contributor | From Page: A2

 
Jeffie “Jeff” Lee Callahan

By Contributor | From Page: A2

Patsy Ruth Wing

By Contributor | From Page: A2

 
Lisa Oliver Rose

By Contributor | From Page: A2

Larry A. Randall

By Contributor | From Page: A2

 
.

Real Estate

Decorating your home by the numbers

By Marni Jameson | From Page: HS4

 
Avoiding the deal killers

By Ken Calhoon | From Page: HS4

Hilltop home views outrank water-front views

Press Release | From Page: HS7

 
Luxury home sales jump

Press Release | From Page: HS11

 
Pending home sales decrease in June

Press Release | From Page: HS13

 
Sheryl Lindroos joins American Heritage

Press Release | From Page: HS17

Sunny Rosabella exudes a warm ambiance

Press Release | From Page: HS23

 
.

Comics

.

Home Source

Decorating your home by the numbers

By Marni Jameson | From Page: HS4

Avoiding the deal killers

By Ken Calhoon | From Page: HS4

Hilltop home views outrank water-front views

Press Release | From Page: HS7

Luxury home sales jump

Press Release | From Page: HS11

Pending home sales decrease in June

Press Release | From Page: HS13

Sheryl Lindroos joins American Heritage

Press Release | From Page: HS17

Sunny Rosabella exudes a warm ambiance

Press Release | From Page: HS23