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Southern California Home Sales Fall 7.7 Percent in September
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You're Now Reading:
Southern California Home Sales Fall 7.7 Percent in September
The Easy Way to Shop For a Mortgage Loan
Fill Out One Questionnare
Receive Multiple Offers. Save Money.
The Easy Way to Shop For a Mortgage Loan
Fill Out One Questionnare
Receive Multiple Offers. Save Money.
You're Now Reading:
Southern California Home Sales Fall 7.7 Percent in September
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October 14, 2011 (Chris Moore)

New and existing home sales in Southern California declined as expected in September, marking the beginning of the transition from the summer to the fall selling season. Home sales were still higher than last year, but just barely according to real estate information provider DataQuick.

Sales in the Southern California region, which includes Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties, totaled 18,149 new and re-sale homes in September. That was down 7.7 percent from the 19,654 homes sold in August and 25.3 percent below the September historical average of 24,310 sold homes. Sales were only 0.3 percent higher than September of last year when 18,091 homes were sold.

Sales typically fall 8.3 percent from August to September and have varied from a low of 12,455 in 2007 to a high of 37,771 in 2003.

A total of 1,056 new homes were sold across the six counties last month, down from 1,184 sold the previous month and 24.9 percent below September of last year. It was the lowest amount of new home sales for the month of September since DataQuick started keeping records in 1988.

“Last month’s Southland sales weren’t great but, like some other economic indicators of late, they came in a bit higher than some might have expected. Holding steady with a year ago isn’t so bad when you consider the hits the housing market has taken in recent months, including a big psychological blow from a tanking stock market in early August. Part of what’s keeping demand afloat is improved affordability thanks to ultra-low mortgage rates and lower home prices. We’ll have to wait and see what impact the lower conforming loan limits, which took effect recently, will have in some of the higher-priced markets,” said John Walsh, DataQuick president.

The median sales price paid for all new and re-sale homes in the Southern California region in September was $280,000, which was up 0.4 percent from $279,000 last month. The median price was 5.2 percent lower than in September of 2010 when the median price was $295,500.

The highest median sales price for homes in the region during the current housing cycle’s peak was $505,000 in mid-2007 while the lowest was $247,000 in April 2009.

The median sales price has declined year-over-year for the past seven months and has declined or remained unchanged since December 2010.

Distressed properties accounted for 50.8 percent of the re-sale market in September, down from 52.5 percent in August, with foreclosure re-sales accounting for 32.3 percent of the market while short sales made up an estimated 18.5 percent of re-sales.

Cash buyers accounted for 28.5 percent of the homes sold for the month, down from 29.1 percent in August, paying a median price of $210,000 for their purchases. Absentee buyers accounted for 24.3 percent of all sales, down from 24.6 percent in August, paying a median price of $202,000 for the homes they purchased. Nearly 52.9 percent of the absentee buyers paid cash for their purchases.

Tags: DataQuick, new homes, re-sale homes, median price, home sales, investors, absentee buyers

Source:
DataQuick

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October 14, 2011 (Chris Moore)

New and existing home sales in Southern California declined as expected in September, marking the beginning of the transition from the summer to the fall selling season. Home sales were still higher than last year, but just barely according to real estate information provider DataQuick.

Sales in the Southern California region, which includes Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties, totaled 18,149 new and re-sale homes in September. That was down 7.7 percent from the 19,654 homes sold in August and 25.3 percent below the September historical average of 24,310 sold homes. Sales were only 0.3 percent higher than September of last year when 18,091 homes were sold.

Sales typically fall 8.3 percent from August to September and have varied from a low of 12,455 in 2007 to a high of 37,771 in 2003.

A total of 1,056 new homes were sold across the six counties last month, down from 1,184 sold the previous month and 24.9 percent below September of last year. It was the lowest amount of new home sales for the month of September since DataQuick started keeping records in 1988.

“Last month’s Southland sales weren’t great but, like some other economic indicators of late, they came in a bit higher than some might have expected. Holding steady with a year ago isn’t so bad when you consider the hits the housing market has taken in recent months, including a big psychological blow from a tanking stock market in early August. Part of what’s keeping demand afloat is improved affordability thanks to ultra-low mortgage rates and lower home prices. We’ll have to wait and see what impact the lower conforming loan limits, which took effect recently, will have in some of the higher-priced markets,” said John Walsh, DataQuick president.

The median sales price paid for all new and re-sale homes in the Southern California region in September was $280,000, which was up 0.4 percent from $279,000 last month. The median price was 5.2 percent lower than in September of 2010 when the median price was $295,500.

The highest median sales price for homes in the region during the current housing cycle’s peak was $505,000 in mid-2007 while the lowest was $247,000 in April 2009.

The median sales price has declined year-over-year for the past seven months and has declined or remained unchanged since December 2010.

Distressed properties accounted for 50.8 percent of the re-sale market in September, down from 52.5 percent in August, with foreclosure re-sales accounting for 32.3 percent of the market while short sales made up an estimated 18.5 percent of re-sales.

Cash buyers accounted for 28.5 percent of the homes sold for the month, down from 29.1 percent in August, paying a median price of $210,000 for their purchases. Absentee buyers accounted for 24.3 percent of all sales, down from 24.6 percent in August, paying a median price of $202,000 for the homes they purchased. Nearly 52.9 percent of the absentee buyers paid cash for their purchases.

Tags: DataQuick, new homes, re-sale homes, median price, home sales, investors, absentee buyers

Source:
DataQuick

FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.
HOW
MORTGAGELOANRATEUPDATE
WORKS
Whether you're looking to refinance your current loan, purchasing a new home or looking for a home equity loan, we make it easy at MortgageLoanRateUpdate. Our questionnaire is simple and quick to use and your information is safely transmitted to us with SSL encryption. With just two minutes of your time, you could have multiple lenders competing for your business which could save you thousands.
ADVANTAGES OF USING
MORTGAGELOANRATEUPDATE
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.

October 14, 2011 (Chris Moore)

New and existing home sales in Southern California declined as expected in September, marking the beginning of the transition from the summer to the fall selling season. Home sales were still higher than last year, but just barely according to real estate information provider DataQuick.

Sales in the Southern California region, which includes Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties, totaled 18,149 new and re-sale homes in September. That was down 7.7 percent from the 19,654 homes sold in August and 25.3 percent below the September historical average of 24,310 sold homes. Sales were only 0.3 percent higher than September of last year when 18,091 homes were sold.

Sales typically fall 8.3 percent from August to September and have varied from a low of 12,455 in 2007 to a high of 37,771 in 2003.

A total of 1,056 new homes were sold across the six counties last month, down from 1,184 sold the previous month and 24.9 percent below September of last year. It was the lowest amount of new home sales for the month of September since DataQuick started keeping records in 1988.

“Last month’s Southland sales weren’t great but, like some other economic indicators of late, they came in a bit higher than some might have expected. Holding steady with a year ago isn’t so bad when you consider the hits the housing market has taken in recent months, including a big psychological blow from a tanking stock market in early August. Part of what’s keeping demand afloat is improved affordability thanks to ultra-low mortgage rates and lower home prices. We’ll have to wait and see what impact the lower conforming loan limits, which took effect recently, will have in some of the higher-priced markets,” said John Walsh, DataQuick president.

The median sales price paid for all new and re-sale homes in the Southern California region in September was $280,000, which was up 0.4 percent from $279,000 last month. The median price was 5.2 percent lower than in September of 2010 when the median price was $295,500.

The highest median sales price for homes in the region during the current housing cycle’s peak was $505,000 in mid-2007 while the lowest was $247,000 in April 2009.

The median sales price has declined year-over-year for the past seven months and has declined or remained unchanged since December 2010.

Distressed properties accounted for 50.8 percent of the re-sale market in September, down from 52.5 percent in August, with foreclosure re-sales accounting for 32.3 percent of the market while short sales made up an estimated 18.5 percent of re-sales.

Cash buyers accounted for 28.5 percent of the homes sold for the month, down from 29.1 percent in August, paying a median price of $210,000 for their purchases. Absentee buyers accounted for 24.3 percent of all sales, down from 24.6 percent in August, paying a median price of $202,000 for the homes they purchased. Nearly 52.9 percent of the absentee buyers paid cash for their purchases.

Tags: DataQuick, new homes, re-sale homes, median price, home sales, investors, absentee buyers

Source:
DataQuick

Home Buying Tips
Home Selling Tips
About
Mortgages
HOW
MORTGAGELOANRATEUPDATE
WORKS
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at MortgageLoanRateUpdate and the offers you have received, you've found the right product and the best rate.
ADVANTAGES OF USING
MORTGAGELOANRATEUPDATE
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT
CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.