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Southern California Home Sales Rebound in May
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Southern California Home Sales Rebound in May
The Easy Way to Shop For a Mortgage Loan
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Receive Multiple Offers. Save Money.
The Easy Way to Shop For a Mortgage Loan
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Receive Multiple Offers. Save Money.
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Southern California Home Sales Rebound in May
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June 29, 2012 (Chris Moore)

Monthly sales of new and existing homes in Southern California rebounded in May following April’s decline while year-over-year home prices improved for a second consecutive month 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 22,192 new and re-sale homes in May, a 15.1 percent gain over the 19,284 homes sold in April and 20.6 percent higher than the 18,394 homes sold in May of last year.

Home sales in the area typically increase about 6.7 percent between April and May but were still 14.5 percent below the historical average for the month of May. Year-over-year, home sales have increased for the last five months and nine out of the last ten months..

Cash buyers accounted for 31.3 percent of the homes sold for the month, down from 32.2 percent the previous month. Cash buyers paid a median price of $232,500 for their purchases, up from $225,000 the previous month.

Absentee buyers, usually investors and vacation home buyers, accounted for 27.0 percent of all sales in May, down from 28.4 percent in April, and they paid a median price of $225,000 for the homes they purchased, up from $220,000 the previous month.

The median sales price paid for all new and re-sale homes in the Southern California region increased 1.7 percent in May to $295,000 from $290,000 in April. The median price a year ago was also $280,000.

It was the second consecutive month that year-over year home prices have increased in the Southern California area after 16 months of declines.

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 May 2009.

John Walsh, president of DataQuick, stated, “The market is being slowly nursed back to health by low interest rates, a modestly improved economy and, we suspect, a widening sense that the housing sector is at or near bottom. There’s still plenty of uncertainty swirling around out there. But it looks like more move-up buyers are concluding it makes sense in the long run to sell their homes now, even when it’s hard to swallow the price. The upside for many is a good deal on the next house, and the ability to lock in both a killer mortgage rate and a relatively low property tax base.”

Distressed properties accounted for 44.8 percent of the re-sale market in April, down from 46.9 percent in April, with foreclosures accounting for 26.7 percent of the re-sale market, down from 28.8 percent in April, while short sales made up an estimated 18.1 percent of re-sales, unchanged from the previous month.

Distressed property sales were at their lowest level since March of 2008 as foreclosure re-sales have fallen more than 50 percent since their high of 56.7 percent of all re-sales in February 2009.

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

Source:
DataQuick

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June 29, 2012 (Chris Moore)

Monthly sales of new and existing homes in Southern California rebounded in May following April’s decline while year-over-year home prices improved for a second consecutive month 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 22,192 new and re-sale homes in May, a 15.1 percent gain over the 19,284 homes sold in April and 20.6 percent higher than the 18,394 homes sold in May of last year.

Home sales in the area typically increase about 6.7 percent between April and May but were still 14.5 percent below the historical average for the month of May. Year-over-year, home sales have increased for the last five months and nine out of the last ten months..

Cash buyers accounted for 31.3 percent of the homes sold for the month, down from 32.2 percent the previous month. Cash buyers paid a median price of $232,500 for their purchases, up from $225,000 the previous month.

Absentee buyers, usually investors and vacation home buyers, accounted for 27.0 percent of all sales in May, down from 28.4 percent in April, and they paid a median price of $225,000 for the homes they purchased, up from $220,000 the previous month.

The median sales price paid for all new and re-sale homes in the Southern California region increased 1.7 percent in May to $295,000 from $290,000 in April. The median price a year ago was also $280,000.

It was the second consecutive month that year-over year home prices have increased in the Southern California area after 16 months of declines.

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 May 2009.

John Walsh, president of DataQuick, stated, “The market is being slowly nursed back to health by low interest rates, a modestly improved economy and, we suspect, a widening sense that the housing sector is at or near bottom. There’s still plenty of uncertainty swirling around out there. But it looks like more move-up buyers are concluding it makes sense in the long run to sell their homes now, even when it’s hard to swallow the price. The upside for many is a good deal on the next house, and the ability to lock in both a killer mortgage rate and a relatively low property tax base.”

Distressed properties accounted for 44.8 percent of the re-sale market in April, down from 46.9 percent in April, with foreclosures accounting for 26.7 percent of the re-sale market, down from 28.8 percent in April, while short sales made up an estimated 18.1 percent of re-sales, unchanged from the previous month.

Distressed property sales were at their lowest level since March of 2008 as foreclosure re-sales have fallen more than 50 percent since their high of 56.7 percent of all re-sales in February 2009.

Tags: Southern California, 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.

June 29, 2012 (Chris Moore)

Monthly sales of new and existing homes in Southern California rebounded in May following April’s decline while year-over-year home prices improved for a second consecutive month 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 22,192 new and re-sale homes in May, a 15.1 percent gain over the 19,284 homes sold in April and 20.6 percent higher than the 18,394 homes sold in May of last year.

Home sales in the area typically increase about 6.7 percent between April and May but were still 14.5 percent below the historical average for the month of May. Year-over-year, home sales have increased for the last five months and nine out of the last ten months..

Cash buyers accounted for 31.3 percent of the homes sold for the month, down from 32.2 percent the previous month. Cash buyers paid a median price of $232,500 for their purchases, up from $225,000 the previous month.

Absentee buyers, usually investors and vacation home buyers, accounted for 27.0 percent of all sales in May, down from 28.4 percent in April, and they paid a median price of $225,000 for the homes they purchased, up from $220,000 the previous month.

The median sales price paid for all new and re-sale homes in the Southern California region increased 1.7 percent in May to $295,000 from $290,000 in April. The median price a year ago was also $280,000.

It was the second consecutive month that year-over year home prices have increased in the Southern California area after 16 months of declines.

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 May 2009.

John Walsh, president of DataQuick, stated, “The market is being slowly nursed back to health by low interest rates, a modestly improved economy and, we suspect, a widening sense that the housing sector is at or near bottom. There’s still plenty of uncertainty swirling around out there. But it looks like more move-up buyers are concluding it makes sense in the long run to sell their homes now, even when it’s hard to swallow the price. The upside for many is a good deal on the next house, and the ability to lock in both a killer mortgage rate and a relatively low property tax base.”

Distressed properties accounted for 44.8 percent of the re-sale market in April, down from 46.9 percent in April, with foreclosures accounting for 26.7 percent of the re-sale market, down from 28.8 percent in April, while short sales made up an estimated 18.1 percent of re-sales, unchanged from the previous month.

Distressed property sales were at their lowest level since March of 2008 as foreclosure re-sales have fallen more than 50 percent since their high of 56.7 percent of all re-sales in February 2009.

Tags: Southern California, 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.