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Old 08-30-2006, 11:17 PM
 
3,035 posts, read 14,406,061 times
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For release:
Thursday, Aug. 24, 2006

C.A.R. reports sales decrease 29.9 percent in July, median price of a home in California at $567,360, up 5.1 percent from year ago

LOS ANGELES (Aug. 24) – Home sales decreased 29.9 percent in July in California compared with the same period a year ago, while the median price of an existing home increased 5.1 percent, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) reported today.

Closed escrow sales of existing, single-family detached homes in California totaled 453,980 in July at a seasonally adjusted annualized rate, according to information collected by C.A.R. from more than 90 local REALTOR® associations statewide. Statewide home resale activity decreased 29.9 percent from the 647,910 sales pace recorded in July 2005.

The statewide sales figure represents what the total number of homes sold during 2006 would be if sales maintained the July pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.

The median price of an existing, single-family detached home in California during July 2006 was $567,360, a 5.1 percent increase over the revised $539,840 median for July 2005, C.A.R. reported. The July 2006 median price decreased 1.5 percent compared with June’s $575,800 median price.

“Today’s market is slowing as sellers maintain often unrealistic pricing expectations and buyers have more properties to choose from,” said C.A.R. President Vince Malta. “In addition, unlike the slowdown we experienced in the 1990s, homeowners today are not under duress to sell due to job losses. The urgency that characterized the market for the last few years is now gone for all but well-priced properties.”

“With inventory levels double that of a year ago, annual price appreciation for the state slowed from the double-digit rates we experienced throughout all of last year to single digits this year,” he said. “And in some regions of the state prices are down from a year ago. However, with a 7.5-month supply of homes for sale in July, we’re far below the peak of February 1991, when there was an 18-month supply on the market.”

“Many markets in California are mirroring other major metropolitan areas of the nation.—a return to a more sustainable and balanced housing market compared to the frenetic pace of the past several years,” said C.A.R. Chief Economist Leslie Appleton-Young. “We’ve known that double-digit appreciation would eventually change when the underlying fundamentals change, which has been the case with expanded supply and rising interest rates. Affordability concerns prompted by higher prices and interest rate increases also are constraining sales. The monthly home payment has increased by 20 percent for many households in the state compared with last year.”

More info here: http://www.car.org/index.php?id=MzY0OTg=
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Old 08-31-2006, 01:54 PM
 
1,868 posts, read 5,672,462 times
Reputation: 536
Quote:
Originally Posted by socketz View Post
For release:
Thursday, Aug. 24, 2006

C.A.R. reports sales decrease 29.9 percent in July, median price of a home in California at $567,360, up 5.1 percent from year ago

LOS ANGELES (Aug. 24) – Home sales decreased 29.9 percent in July in California compared with the same period a year ago, while the median price of an existing home increased 5.1 percent, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) reported today.

Closed escrow sales of existing, single-family detached homes in California totaled 453,980 in July at a seasonally adjusted annualized rate, according to information collected by C.A.R. from more than 90 local REALTOR® associations statewide. Statewide home resale activity decreased 29.9 percent from the 647,910 sales pace recorded in July 2005.

The statewide sales figure represents what the total number of homes sold during 2006 would be if sales maintained the July pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.

The median price of an existing, single-family detached home in California during July 2006 was $567,360, a 5.1 percent increase over the revised $539,840 median for July 2005, C.A.R. reported. The July 2006 median price decreased 1.5 percent compared with June’s $575,800 median price.

“Today’s market is slowing as sellers maintain often unrealistic pricing expectations and buyers have more properties to choose from,” said C.A.R. President Vince Malta. “In addition, unlike the slowdown we experienced in the 1990s, homeowners today are not under duress to sell due to job losses. The urgency that characterized the market for the last few years is now gone for all but well-priced properties.”

“With inventory levels double that of a year ago, annual price appreciation for the state slowed from the double-digit rates we experienced throughout all of last year to single digits this year,” he said. “And in some regions of the state prices are down from a year ago. However, with a 7.5-month supply of homes for sale in July, we’re far below the peak of February 1991, when there was an 18-month supply on the market.”

“Many markets in California are mirroring other major metropolitan areas of the nation.—a return to a more sustainable and balanced housing market compared to the frenetic pace of the past several years,” said C.A.R. Chief Economist Leslie Appleton-Young. “We’ve known that double-digit appreciation would eventually change when the underlying fundamentals change, which has been the case with expanded supply and rising interest rates. Affordability concerns prompted by higher prices and interest rate increases also are constraining sales. The monthly home payment has increased by 20 percent for many households in the state compared with last year.”

More info here: http://www.car.org/index.php?id=MzY0OTg=
Homeowners in California may not be "under duress" because of job loss...but they sure will be under duress when those ARM loans come due in the next couple of years. Over 75% of new home loans that were taken out last year were these types of loans. Incomes are not keeping up in California plain and simple. It's not looking pretty.
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Old 08-31-2006, 03:05 PM
 
Location: Phoenix, AZ
9 posts, read 31,044 times
Reputation: 10
Default I agree

Quote:
Originally Posted by shannon94 View Post
Homeowners in California may not be "under duress" because of job loss...but they sure will be under duress when those ARM loans come due in the next couple of years. Over 75% of new home loans that were taken out last year were these types of loans. Incomes are not keeping up in California plain and simple. It's not looking pretty.
I live in Phx, AZ and toying the idea of moving to SD for a long term into retirement someday. The cost of living calculator indicated that it costs 38% more to live in SD than in Phx. I found it hard to believe it when the job recruiter told me they pay the same as what I am earning here, but it's true. 12 years ago when I moved from San Jose, CA to Phx, I took a $8/hr. cut. I was fully expected to get at least that much back in SD, but not now. Even if that happens, hardly anyone can get a 38% raise just to break even.
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Old 08-31-2006, 10:00 PM
 
3,035 posts, read 14,406,061 times
Reputation: 915
You can live in San Diego. Ok, maybe you can't buy a posh middle of the road home, but rents are still pretty cheap here.

Just depends on if your willing to sacrifice a few of the luxuries you enjoy now.

People don't live here for the money as I think we are number 35 among major cities for salaries. However, if you can make a few compromises, you'll find that even within a relatively humble home here, you can enjoy an incredible lifestyle.
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Old 08-31-2006, 11:44 PM
 
Location: Phoenix, AZ
9 posts, read 31,044 times
Reputation: 10
Default Different point of view

Quote:
Originally Posted by socketz View Post
You can live in San Diego. Ok, maybe you can't buy a posh middle of the road home, but rents are still pretty cheap here.

Most people will find it hard to rent a home after they have owned a home, especially for a while.

Just depends on if your willing to sacrifice a few of the luxuries you enjoy now.

One should fully expect to give and to take when undergo such a big change like uproot and relocating.

People don't live here for the money as I think we are number 35 among major cities for salaries. However, if you can make a few compromises, you'll find that even within a relatively humble home here, you can enjoy an incredible lifestyle.
I have to agree. Weather and activities are the primary seasons for moving to SD. Unlike the Silicon Valley by San Jose, people do live there for the money. With that being said, it does take a bit of money to live in SD as the overall cost of living is higher than most places. Once you balanced out your gives and takes and are willing to compromise, I think the SD lifestyle can be very enjoyable.
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Old 09-04-2006, 06:06 PM
 
1,868 posts, read 5,672,462 times
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Quote:
Originally Posted by eauachan View Post
I have to agree. Weather and activities are the primary seasons for moving to SD. Unlike the Silicon Valley by San Jose, people do live there for the money. With that being said, it does take a bit of money to live in SD as the overall cost of living is higher than most places. Once you balanced out your gives and takes and are willing to compromise, I think the SD lifestyle can be very enjoyable.
Believe it or not I left my home town of San Diego for Texas!! Miss
the weather and the beach alot but I don't miss the high cost of living, the traffic, and renting. I now have a beautiful home on a huge lot, my husbands job pays more out here and we can afford to visit SD anytime we want. There is more to life than the weather and most of the people in my peer group who are still living out there can't afford to go anywhere but home and work because they are spending more than 50% of their incomes on housing. What kind of lifestyle is that?
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Old 09-06-2006, 05:29 AM
 
3,035 posts, read 14,406,061 times
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Where in Texas did you move Shannon ? Do you have kids ? What things have you found as pleasant surprises since moving out there ? Conversely, are there negatives that were originally unforeseen ?

I'm relocating (Mckinney/Frisco?) next month from San Diego, hence why I'm being so nosey.
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Old 09-06-2006, 04:29 PM
 
1,868 posts, read 5,672,462 times
Reputation: 536
Quote:
Originally Posted by socketz View Post
Where in Texas did you move Shannon ? Do you have kids ? What things have you found as pleasant surprises since moving out there ? Conversely, are there negatives that were originally unforeseen ?

I'm relocating (Mckinney/Frisco?) next month from San Diego, hence why I'm being so nosey.
I live between Dallas and Ft. Worth. I have one kid who just started junior high. We moved here right before she started kindergarten. The schools are exceptional. Average class size is 18 compared to 30+ in San Diego. I would have to say that has been the most pleasant surprise! Also, the home prices are unreal for what you get. 2500 square ft for less than 150k isn't too shabby. You can't even buy a condo for that in SD. Saving that kind of money on housing has enabled us to save a good chunk of money which we were not able to do on a really good income in San Diego. Both of our jobs pay more out here too!

Negatives? Well, I thought being from California driving would be a breeze. Wrong! It can be very confusing. Whoever designed the freeway system should be shot! The heat and humidity in the summer is kind of a bummer when your use to ocean breeze....but you get use to it. The rest of the year it's pretty mild like California.....but you do get a few icey days in the winter.
I have found customer service out here to be less than desirable, alot of lazy attitudes. Nothing out here gets done quickly.....so be prepared. lol

You said you are transfering out here? With what company if you don't mind me asking? Just curious....I have read several articles that say alot of California company's are moving to Texas because they are having a hard time recruiting people to CA due to the cost of living. Good luck on your move! Do you have kid's? The area you are moving too is really growing right now....perfect time to move there for sure.
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Old 09-07-2006, 11:46 AM
 
Location: CA
371 posts, read 1,819,512 times
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Quote:
C.A.R. reports sales decrease 29.9 percent in July, median price of a home in California at $567,360
Well, that's about $567,340 more than I can afford.
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Old 09-25-2006, 11:56 PM
 
26 posts, read 83,892 times
Reputation: 18
the high desert is still cheap... matter of fact C.A.R. reports we have the cheapest housing... oh wait everyone from LA already figured that out....
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