Fresh from Pacific Union’s blog, this week is a weekly recap of real estate highlights:
The traditional Spring Selling Season is off to a great start – again – according to Core Logic. The company recently released a report showing a 12.2% year-over-year increase in home prices, representing the 24th straight month (i.e. 2 years) this has happened. California – and the Bay Area in particular – is leading the way. Including distressed sales (e.g. foreclosures, short sales, et al), California prices rose 19.8% year-over-year. In good news for first time and move up buyers, Core Logic’s chief economist (Dr. Mark Fleming) said that the company expects home prices to level out next year as fewer home owners are under water, leading to an increase in the supply of homes and decreasing the continued price surges of the last couple of years.
Across the Richmond-San Rafael bridge, a development firm as purchased 101 acres in southern Marin County and plans to build apartments and a school on the site. Apparently, the new owner is seeking to put about 100 rental units on the site. No time table as to when any plans are expected to come up before the County Planning Commission.
Lastly, the California Association of Realtors released a survey last week showing that there is an increasing number of international homebuyers in our state. According to the survey, 85% of these buyers considered only the US as a potential place to buy a home, with the overwhelming reason being the Sunshine State’s climate (they obviously didn’t visit SF in the summer!) and that they wanted to be closer to family.
For a more complete rundown of last week’s real estate roundup, check out Pacific Union’s blog.
There is a lot going on in the Real Estate world these days. For a more complete look, check out Pacific Union’s blog today:
CAR’s February home sales report shows that pending home sales rose 14.2% over January. This is the second straight increase. Meanwhile, distressed home sales dropped across the state except in Solano County.
Home builders are increasingly looking toward infill projects rather than suburban tract homes. According to the Wall Street Journal, this is driving land prices up and is getting in the way of new-home sales, along with a lack of first-time home buyers and rising prices (although the latter two go hand in hand).
Also, last week Trulia released a report suggesting that Coastal California Markets (i.e. the Bay Area) may be headed for a bubble. The report argues that the Coastal CA market is overvalued: San Jose, San Francisco and the Oakland markets are all between 4-8% over what Trulia deems the current market value.
Quick recap of the Real Estate Market from over the weekend. For a complete recap, go to the Pacific Union blog:
- Citing a recent Zillow report, Pacific Union expects the real estate market to be hot this spring. San Jose and San Francisco should lead the way. Zillow’s report also shows that San Jose and San Francisco also have the highest home values in the country at $748,800 and $648,700 respectively.
- In addition, it looks like the Oakland inventory crunch is starting to ease up. Statistics show that there was a 19% increase in homes for sale in February.
- Although new housing starts are cooling off across the country, there is a new planned development coming along in Walnut Creek near the BART station soon.
Pacific Union has some great information on its Real Estate Roundup blog this week. According to the Wall Street Journal, home prices are expected to rise 10% in the next year. This is great news and continued evidence of a strong housing rebound.
Even better news is that the foreclosure rate is going down. According to DQNews, foreclosures in California are at their lowest since 2005. This is good news not only for the housing industry in general, but for stressed homeowners as well.
For more of the real estate roundup, check out PU’s blog: http://bit.ly/10ZkVad
Bay Area home sales jumped an average 14 percent in August from a year ago for the best August since 2006, aided by low mortgage rates and an improving economy. Read the full story: http://bit.ly/OAZUXg
Read more: http://bit.ly/NmDKa9