Buying and Selling, California Real Estate, For Buyers, How's the Market Snapshot, Real estate Market

Sales are Down, but First-Time Buyers are Seeing Opportunity

Are you curious to know how much you qualify for? I always stress to buyers that the first step to buying a home is knowing what your purchasing power is even before we start looking at homes, there are few things more disappointing than finding a home you are totally in love with and then realizing that you can’t qualify for it.

Let’s chat for a few minutes to see what your buying power is, reach out to me via Email/phone/text, here is my contact info: yesenia@newcenturybroker.com / 626-252-0839.

September marked the 79th month in a row of year-over-year home price increases. The median existing-home price climbed 4.2 percent to $258,100. This price increase is partly because of a supply decrease; inventory levels—especially levels for affordable homes—continue to hover near record lows. While price gains are beneficial to homeowners looking to sell, they also affect housing affordability for buyers. Buyers are also seeing their purchasing power decrease due to rising mortgage rates. The impact on the housing market has seen a slump in sales activity in all regions of the country. After a stagnant August, existing-home sales declined again in September to levels not seen since November 2015.

More First-Timers in the Market
Of all the homes sold in September, 32 percent were purchased by first-time buyers, up from 31 percent from a month ago and 29 percent from a year ago. According to the National Association of Realtors’ (NAR) 2017 Profile of Home Buyers and Sellers, first-time buyers made up 34 percent of the home-purchasing public last year. “Rising interest rates coupled with increasing home prices are keeping first-time buyers out of the market, but consistent job gains could allow more Americans to enter the market with a steady and measurable rise in inventory,” said Lawrence Yun, chief economist for the NAR.

Seasonal Factors Depress Inventory
The latest housing inventory figures do not suggest a steady rise in the supply of homes on the market. Inventory levels fell from 1.91 million available homes in August to 1.88 million. However, year-over-year listings are up, as there were only 1.86 million homes listed on the market in September 2017. At this sales pace, the current housing stock would sell in 4.4 months, up from 4.3 months in August and 4.2 months in September 2017. According to Yun, “There is a clear shift in the market with another month of rising inventory on a year-over-year basis, though seasonal factors are leading to a third straight month of declining inventory.” The average home took 32 days to sell in September; in comparison, properties stayed on the market for an average of 29 days in August and 34 days a year ago. Of all homes sold in September, 47 percent of them were on the market for less than a month. Realtors expect this fast pace to settle down a bit as winter approaches.

Regional Breakdown

Northeast – Existing-home sales annual rate of 680,000; a decrease of 2.9 percent from August and 5.6 percent from September 2017.

Midwest – Existing-home sales annual rate of 1.28 million; unchanged from August but a decrease of 1.5 percent from September 2017.

South – Existing-home sales annual rate of 2.11 million; a decrease of 5.4 percent from August and a slight decrease from the 2.12 million sales posted September 2017.

West – Existing-home sales annual rate of 1.08 million; a decrease of 3.6 percent from August and 12.2 percent from September 2017.

 

 

Photography Credits: © Wipada Wipawin - iStockphoto 

California Real Estate, Community Info, For Buyers, Helpful Info, How's the Market Snapshot, Market Snapshot, Real estate Market, Real Estate Values, Sellers

How’s the Market? June 2018 Snapshot

 

I hope you will find the following snapshot of local Real Estate inventory interesting. The table represents aggregated values based on MLS data for the specified date.

Housing Inventory Snapshot June 30, 2018
Average List Price 30 Days Trend Median List Price 30 Days Trend Average DOM: active/sold 30 Days Trend Number of Listings
San Bernardino County, CA
Single Family $333,143 1.37% $329,000 1.54% 64 / 41 -4 / N/A 3,601
Luxury Single Family $966,437 -5.14% $749,900 -1.33% 98 / 54 -9 / N/A 1,188
Condo/Townhome $310,996 1.46% $334,900 1.79% 45 / 29 -3 / N/A 205
Luxury Condo/Townhome $525,705 -2.79% $490,000 -2.97% 52 / 32 -26 / N/A 64
Riverside County, CA
Single Family $418,440 -1.80% $415,000 -1.17% 67 / 50 -5 / N/A 5,259
Luxury Single Family $1,494,590 -10.27% $998,000 -13.14% 129 / 161 -6 / N/A 1,741
Condo/Townhome $270,979 1.61% $279,000 0.36% 92 / 73 -8 / N/A 812
Luxury Condo/Townhome $560,182 1.60% $499,900 0.58% 123 / 94 -1 / N/A 263
Orange County, CA
Single Family $1,017,981 -2.99% $915,000 -3.58% 54 / 36 -2 / N/A 3,245
Luxury Single Family $4,948,704 -5.66% $3,300,000 -5.58% 108 / 99 -3 / N/A 1,083
Condo/Townhome $525,739 -1.47% $519,000 -1.14% 43 / 28 0 / N/A 1,279
Luxury Condo/Townhome $1,457,378 -4.57% $1,150,000 -5.12% 76 / 58 0 / N/A 427
Los Angeles County, CA
Single Family $821,521 -1.30% $700,000 -1.40% 53 / 35 -3 / N/A 7,337
Luxury Single Family $5,596,506 -3.43% $3,295,000 -5.72% 86 / 99 -5 / N/A 2,425
Condo/Townhome $545,162 -1.64% $525,000 -2.60% 46 / 30 -2 / N/A 1,902
Luxury Condo/Townhome $1,980,242 -4.23% $1,445,000 -6.71% 73 / 55 -2 / N/A 618

If you know someone who is considering buying or selling a home, please give me a call. I will provide professional & courteous service along with knowledgeable guidance throughout the process.

Regards,

Yesenia Ruvalcaba-Garcia
Broker, BRE 01293970
626-252-0839
www.NewCenturyBroker.com
www.CovinaRealEstate.com 

California Real Estate

Covina Residents Holiday Food & Toy Drive 2014

The weather is finally getting cooler, the leaves are changing color and Thanksgiving is right already next week!

Holiay Food Drive

This Holiday Season New Century Realtors, Salon Lavish, and The Right Fit Covina have partnered to host a Holiday Food & Toy Drive to benefit Project 29:11‘s food bank and their 2014 Community Christmas Party.

The Details:

From November 17th-  December 8th                                                                                               Drop off your donations of nonperishable food items or unwrapped toys at any of the following  locations and be entered to win a $100  Amazon gift card! 

Every donation, no matter how big or small, helps! Lets work together as a community to help local families during this holiday season.

Drop Off Locations:

New Century Logo1

New Century Realtors & Associates                                               254 E. Rowland Street                                                                 Covina, CA 91723                                                                                                                                 (626) 252-0839

Lavish Logo

Salon Lavish                                                                                  147 S. Citrus Ave                                                                      Covina, CA 91723                                                                                                                                (626) 732-5813

The Right Fit Logo

The Right Fit- Covina                                                                           402 E. San Bernardino Rd                                                                  Covina, CA 91723                                                                                        (626) 485-5358

 

Let all of your friends and family know about our Food & Toy Drive and their chance to win the $100 Amazon Gift Card for participating. Lets come together as a community to help those in need this holiday season.

For more information or corporate donations go to: www.Project2911.net