Tag Archives: median home prices

Real Estate

National Median Home Prices Up 9.5% From Year Ago Levels

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Photo credit: www.caffeinecruisers.com/
Photo credit: www.caffeinecruisers.com/

By Lawrence Yun

The national median home price, at $187,400, is up 9.5 percent from year-ago levels, and the market is on pace to see 4.82 million home sales this year, a 9.3 percent improvement over last year. Almost two-thirds of sales are completed within three months, a big jump from a year earlier. But practitioner confidence, a good indicator of how the market will look down the road, has barely budged for months. All trend lines are from August 2011 to August 2012.

Existing-home sales is a seasonally adjusted annual rate, which is the actual rate of sales for the month, multiplied by 12 and adjusted for seasonal sales differences.  Pending home sales is an index that measures ­housing contract activity. An index of 100 is equal to the level of activity during 2001, the benchmark year. Inventory measures the number of existing homes on the market at the end of the month.  Buyer and seller traffic, current conditions, six-month expectations, and time on market derive from a monthly REALTOR® Confidence Index. Results are based on 3,421 responses to 6,000 surveys sent to large and small real estate offices. The survey asks practitioners to indicate whether conditions are strong (100 points), moderate (50), or weak (0). Some data may be revised from previous issues.

 

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John J. O’Dell Realtor® GRI
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Real Estate

Now is the Time to Get Your Real Estate Deal, While You Still Can


The combination of affordable home prices, low interest rates, and the federal tax credit for home buyers have created an opportune time for many buyers to purchase a home.  Many real estate analysts also believe that most housing markets have stabilized, but that some markets may decline further.

MAKING SENSE OF THE STORY FOR CONSUMERS

  • Buyers should keep in mind that housing markets are local and can vary greatly from one neighborhood to the next.  Working with a REALTOR® familiar with the area in which the buyer is searching can help the buyer select a house that best suits their needs.
  • California’s housing market has shown signs of stabilization since early last year.  Sales of existing, single-family homes bottomed out in August 2007, and the median home price reached its trough in February 2009.  In January, California’s median home price was 17.2 percent above the low for the current cycle.
  • The federal tax credit for home buyers was extended and expanded late last year.  Qualified first-time buyers may be eligible to receive a tax credit of up to $8,000 on homes purchased before April 30, 2010.  Repeat buyers may be eligible for a tax credit of up to $6,500.  Visit First Time Home Buyers Credit Answers for more information about the federal tax credit for home buyers, including eligibility requirements.
  • The Federal Reserve has helped maintain low interest rates, which, in turn, has assisted home buyers.  However, the agency plans to stop purchasing mortgage-backed securities at the end of this month, which likely will increase rates on 30-year fixed mortgages.  Buyers may be able to lock in a low interest rate by working with their lender.

To read the full story, please click here.

John J. O’Dell
Real Estate Broker
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Because I care
Call 530-263-1091

Nevada County Home & Land Statistics, Real Estate

Residential Home Sales, May 2009, Nevada County

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picture-sales-going-up

In general, I track daily sales on from the Nevada County Multiple Listing Service (MLS) and there is a definite increase in sales lately. This is a good sign that people are buying, both investors and first time home buyers. Interest rates are very attractive now, and along with the bargains, the market seems to be shifting upwards. The market dynamics of Nevada County home sales from Terradatum are as follows:

Median prices of homes in Nevada County in May 2009 were $300,000 compared to the median price in May 2008 of $365,000 or a further decline in price of 18 percent.   

May 2009 sales decreased somewhat from April of 2009, with 59 closed sales in May versus 79 closed sales in April. However, sales from January 2009 to May 2009 were 272 closings compared to sales from January 2008 to May 2008 of 219 closings or a 24 percent increase in sales.

At the present time, there are 1,200 residential properties for sale or a 17.6 months inventory of homes.  If you have any questions, please e-mail me and I will glad to help you.

By the way, look on the left side of this page and you will see the daily postings of MLS stats under “What I’m Doing”. These stats include all sales, land, commercial, residential and multi-family for Western Nevada County.  They may include some sales from out of the area.