California Existing Home Sales Down in October 2016 from September 2016
I was reading an article from the California Association of Realtors that showed California home sales statistics for November 2016. Sales were down from last month but up from last year at this time. Here is an excerpt from the article from CAR:
Existing, single-family home sales totaled 442,320 in November on a seasonally adjusted annualized rate, down 0.1 percent from October and up 17.7 percent from November 2015.
The statewide median price decreased for the third straight month but remained above the $500,000 mark for the eighth consecutive month. The median price of an existing, single-family detached California home was down 2.3 percent in November at $501,710 from a revised $513,520 in October.
November’s median price increased 4.9 percent from the revised $478,140 recorded in November 2015. 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. The monthly price decline is primarily due to seasonal factors.
“The Federal Reserve’s announcement last week to raise the federal funds rate has been anticipated and should only have a minor, if any, adverse impact on the housing market in the next couple of months since rates are still historically low. Yet, future rate hikes will further increase the cost of a mortgage, which could impact home sales in 2017 and beyond,” said C.A.R. Senior Vice President and Chief Economist Leslie Appleton-Young. “Moreover, with the specter of rates drifting higher, more buyers may rush in to buy homes and compete for a dearth of homes available for sale, which could put upward pressure on home prices and lead to a further decline in affordability.”
Here is the link to the article:
http://www.car.org/newsstand/newsreleases/2016releases/nov2016sales?view=Standard
I also read an article from the National Association of Realtors that has the total number of existing home sales up in the United States overall with a surge in the Northeast. Here is an excerpt from that article from NAR:
A big surge in the Northeast and a smaller gain in the South pushed existing-home sales up in November for the third consecutive month, according to the National Association of Realtors®.
Total existing-home sales 1, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, rose 0.7 percent to a seasonally adjusted annual rate of 5.61 million in November from a downwardly revised 5.57 million in October. November's sales pace is now the highest since February 2007 (5.79 million) and is 15.4 percent higher than a year ago (4.86 million)
Regional Breakdown
Existing-home sales in the West declined 1.6 percent to an annual rate of 1.25 million in November, but are still 19.0 percent higher than a year ago. The median price in the West was $345,400, up 8.5 percent from November 2015.
Here is the link to the article:
https://www.nar.realtor/news-releases/2016/12/existing-home-sales-forge-ahead-in-november
The Real Estate Market for 2017 should be quite interesting. Interest rates have started to rise, we have a new president and the economy is improving. The overall feeling is that the real estate market should stay strong throughout 2017 but then again anything can happen.
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