Still at bottom, but getting better...

We seem to be bouncing around the bottom of the market but each month new indicators appear that point toward improvement. This month, although the number of sales is down slightly from last month, sales did improve over last April and prices are headed upward. Still, there are a lot of distressed properties out on the market, though the number on the Coast seems to be dwindling.

Here's an article from CAR that explains more...

“An improving economy, coupled with the steady pace of distressed sales in the market and the typical seasonal pattern in the median home price, suggests the statewide median price has reached its low point for this year and is unlikely to hit the bottom reached in February 2009,” said C.A.R. President Beth L. Peerce.

Fast Facts for May 12

Calif. median home price: March 2011: $286,010 (Source: C.A.R.)

Calif. highest median home price by region/county March 2011: Marin $826,700 (Source: C.A.R.)

Calif. lowest median home price by region/county March 2011: Lake County $94,170 (Source: C.A.R.)

Calif. Pending Home Sales Index: March 2011: 128.7 (Source: C.A.R.)

Calif. First-time Buyer Affordability Index: Fourth quarter 2010: 69 percent (Source: C.A.R.)

Mortgage rates: Week ending 5/5/2011
30-yr. fixed: 4.71 fees/points: 0.7%
15-yr. fixed: 3.89 fees/points: 0.7%
1-yr. adjustable: 3.14% Fees/points: 0.5% (Source: Freddie Mac)

Existing-Home Sales Rise

From NAR:

Click here for entire article


Existing-home sales rose 8.3 percent to a seasonally adjusted annual rate of 5.14 million units in the first quarter, an increase from 4.75 million in the fourth quarter, but are 0.8 percent below the 5.18 million recorded during the same period in 2010, NAR reported.

The national median existing single-family home price was $158,700 in the first quarter, down 4.6 percent from $166,400 in the first quarter of 2010. Distressed homes, typically sold at a discount of about 20 percent, accounted for 39 percent of first quarter sales, up from 36 percent a year earlier.

Investors accounted for 21 percent of first-quarter transactions, up from 18 percent a year ago, while first-time buyers purchased 32 percent of homes, down from 42 percent in the first quarter of 2010 when a tax credit was in place. Repeat buyers accounted for a 47 percent market share in the first quarter, up from 40 percent a year earlier.

Regionally, existing-home sales in the West, which includes California, rose 13.5 percent in the first quarter to a level of 1.29 million and are 2.1 percent above a year ago. The median existing single-family home price in the West declined 4.7 percent to $197,400 in the first quarter compared with the first quarter of 2010.