[Sign Up Now] to Receive Our FREE Daily SCVTV-SCVNews Digest by E-Mail

SCVNews.com | SoCal Home Prices Climb 3.6% in July Depite Fewer Sales | 08-16-2016
Inside
Weather
Santa Clarita CA
Sunny
Sunny
99°F
 
Calendar
Today in
S.C.V. History
September 25
1970 - Lagasse family helps save Mentryville buildings as Newhall and Malibu brush fires erupt & join into worst fire in SoCal history. Twelve fires over 10 days burn 525,000 acres, kill 13 people and destroy approx. 1,500 structures. [story]


California home sales volume stumbled in July as low inventories and eroding affordability dragged down the housing market, the California Association of Realtors (C.A.R.) said today.

Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 415,840 units in July, according to information collected by C.A.R. from more than 90 local REALTOR associations and MLSs statewide. The statewide sales figure represents what would be the total number of homes sold during 2016 if sales maintained the July pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.

The July figure was down 4.1 percent from the revised 433,600 level in June and down 5.1 percent compared with home sales in July 2015 of a revised 438,230. Home sales remained above the 400,000 pace for the fourth straight month, but sales have declined year over year for the fifth consecutive month.

“Despite the tight housing supply conditions that have persisted over the past few years, home sales have stayed relatively solid,” said C.A.R. President Pat “Ziggy” Zicarelli. “Even with a shortage of homes on the market, low rates and strong demand have been the norm. Some regions, such as the Bay Area, are seeing an uptick in inventory as high prices are motivating sellers to list their properties for sale. While this could ease the inventory somewhat, supply remains tight, and low affordability is expected to be an issue in the short term.”

The statewide median price remained above the $500,000 mark for the fourth straight month, but there are signs of an expected slowing in price growth. The median price of an existing, single-family detached California home slipped 1.8 percent in July to $509,830 from $519,410 in June. July’s median price increased 3.9 percent from the revised $490,780 recorded in July 2015. The median sales price is the point at which half of homes sold for more and half sold for less; it is influenced by the types of homes selling as well as a general change in values. More homes being sold at the high end of the market (over $1 million) and slightly fewer sales at the lower end (under $300,000) contributed to the year-over-year gain in the median price.

“California’s median home price rose again in July from last year, but the pace of increase has clearly slowed down in recent months,” said C.A.R. Vice President and Chief Economist Leslie Appleton-Young. “While fundamentals such as increasing household formation and strong job creation continue to fuel housing demand and support price growth, low housing affordability and reduced buying power of home buyers has put a cap on how fast the statewide median price can grow.”

Other key points from C.A.R.’s July 2016 resale housing report include:

C.A.R.’s Unsold Inventory Index, which indicates the number of months needed to sell the supply of homes on the market at the current sales rate, inched up to 3.6 months in July from 3.2 months in June. The index stood at 3.3 months in July 2015.

The Bay Area region continued to see an increase in inventory, with all counties except Solano and Sonoma seeing an increase from the previous year. Active listings in Los Angeles, the Inland Empire, San Diego, and the Central Valley declined compared to July 2015.

The median number of days it took to sell a single-family home edged up slightly in July to 28 days, compared with 27.1 days in June and 29 days in July 2015.

C.A.R.’s sales-to-list price ratio* dipped in July, with sales prices slightly decreasing to 99.2 percent of listing prices statewide in July from 99.6 percent in June and 99.1 percent in July 2015.

The average price per square foot** for an existing, single-family home statewide was $247 in July 2016, down from $248 in June but up from $241 in July 2015.

San Francisco County had the highest price per square foot in July at $824/sq. ft., followed by San Mateo ($788/sq. ft.), and Marin ($606/sq. ft.). Counties with the lowest price per square foot in July include Madera ($127/sq. ft.), Tulare ($128/sq. ft.), and Siskiyou ($131/sq. ft.).

Mortgage rates are expected to remain low in the foreseeable future due to global economic uncertainty. Mortgage rates declined in July, with the 30-year, fixed-mortgage interest rate averaging 3.44 percent, compared with 3.57 percent in June and 4.05 percent in July 2015, according to Freddie Mac. Adjustable-rate mortgage interest rates slipped in July to an average of 2.75 percent, a decline from 2.78 percent in June and 2.96 percent in July 2015.

 

 

Comment On This Story
COMMENT POLICY: We welcome comments from individuals and businesses. All comments are moderated. Comments are subject to rejection if they are vulgar, combative, or in poor taste.
REAL NAMES ONLY: All posters must use their real individual or business name. This applies equally to Twitter account holders who use a nickname.

Leave a Comment


LOCAL BUSINESS LINKS
LOCAL BUSINESS HEADLINES
FINANCIALS OF LOCAL INTEREST
MARKETS & METALS
NASDAQ5305.75  chart -0.63%
S&P 5002164.69  chart -0.57%
STOCKS OF LOCAL INTEREST
Bank Of Santa Clar Com Stk Usd011.30  chart +0.00%
Biosolar Inc Com Usd0.0001(post0.098  chart +0.00%
Sierra Bancorp18.63  chart -0.59%
Cu Bancorp (ca)24.43  chart +0.08%
Enable Ipc Corp. Com Stk Npv0.0015  chart +0.00%
Flextronics International Ltd.13.57  chart -0.37%
Linn Energy Llc Unit Repstg Ltd0.05  chart +0.00%
Linn Co Llc Com Shs Repstg Ltd 0.05116  chart -5.26%
Mannkind Corporation0.6145  chart -9.75%
Mission Valley Ban Com Npv7.99  chart +0.00%
Quest Diagnostics Incorporated 85.44  chart -0.34%
Tejon Ranch Co Common Stock24.75  chart +1.23%
Us Energy Initiati Com Usd0.0010.000388  chart +0.00%
Wesco Aircraft Holdings, Inc. C13.48  chart -0.15%

Apple Inc.112.71  chart -1.67%
At&t Inc.41.28  chart +0.41%
Autonation, Inc. Common Stock48.53  chart +0.52%
Best Buy Co., Inc. Common Stock37.99  chart -1.25%
Big Lots, Inc. Common Stock46.50  chart -2.76%
Barnes & Noble, Inc. Common Sto10.98  chart -0.36%
Brady Corporation Common Stock35.08  chart -0.79%
Boston Scientific Corporation C23.71  chart -0.08%
N/a24  chart +0.00%
Cbre Group Inc Common Stock Cla29.14  chart -0.58%
Carnival Corporation Common Sto47.26  chart +0.90%
Comcast Corporation67.15  chart -0.22%
Costco Wholesale Corporation152.53  chart -0.40%
Curtiss-wright Corporation Comm88.40  chart -1.09%
Cvs Health Corporation Common S90.60  chart +0.03%
Cemex, S.a.b. De C.v. Sponsored7.73  chart -0.90%
D.r. Horton, Inc. Common Stock30.18  chart -1.40%
Walt Disney Company (the) Commo93.27  chart -0.15%
Edison International Common Sto75.62  chart +0.15%
Hyatt Hotels Corporation Class 50.35  chart -1.95%
Home Depot, Inc. (the) Common S127.79  chart -0.75%
Kb Home Common Stock15.70  chart +0.32%
Kroger Company (the) Common Sto30.45  chart -0.98%
Lennar Corporation Class A Comm43.11  chart -1.12%
Laboratory Corporation Of Ameri137.39  chart -0.32%
Linn Energy Llc Unit Repstg Ltd0.05  chart +0.00%
Linn Co Llc Com Shs Repstg Ltd 0.05116  chart -5.26%
Lowe's Companies, Inc. Common S72.35  chart +0.37%
Marriott International68.44  chart -1.88%
Mcdonald's Corporation Common S117.17  chart -0.16%
Mitsubishi Ufj Financial Group,5.40  chart -2.17%
Netflix, Inc.95.94  chart +0.11%
Office Depot, Inc.3.71  chart +2.20%
Rite Aid Corporation Common Sto8.09  chart -0.37%
Rexford Industrial Realty, Inc.23.09  chart +1.23%
Regal Entertainment Group Class21.56  chart -0.14%
Ross Stores, Inc.64.26  chart +0.44%
Republic Services, Inc. Common 50.78  chart -0.84%
N/aN/A  chartN/A
Starbucks Corporation54.43  chart +0.07%
Smart & Final Stores, Inc. Comm12.65  chart -1.09%
Sears Holdings Corporation11.54  chart -1.45%
Six Flags Entertainment Corpora53.72  chart -0.02%
Sonova N138.10  chart -0.36%
Staples, Inc.8.54  chart -0.12%
Sunpower Corporation8.52  chart +3.27%
Target Corporation Common Stock68.77  chart +0.31%
Time Warner Cable Inc209.56  chart +0.00%
Ulta Salon, Cosmetics & Fragran237.01  chart -0.57%
Walgreens Boots Alliance, Inc.82.05  chart -0.40%
Waste Connections, Inc. Common 74.36  chart -1.29%
Whole Foods Market, Inc.28.52  chart -0.52%
Waste Management, Inc. Common S63.36  chart -1.02%
Wal-mart Stores, Inc. Common St72.35  chart +0.11%
Woodward, Inc.61.32  chart -0.41%
CURRENCY CONVERTER

Latest Additions to SCVNews.com
I have taken many walks on the plains of Tanzania with Masai body guards armed with spears and occasionally rifles. It is rather unnerving to think at any moment, you could become prey to a lion, cheetah or another apex predator.
World’s Deadliest Creatures
1970 - Lagasse family helps save Mentryville buildings as Newhall and Malibu brush fires erupt & join into worst fire in SoCal history. Twelve fires over 10 days burn 525,000 acres, kill 13 people and destroy approx. 1,500 structures. [story]
The College of the Canyons men's soccer team played to a scoreless draw vs. West Hills Lemoore on Friday in a game that saw lots of back-and-forth action.
Men’s Soccer: COC Plays to Scoreless Draw with West Hills Lemoore
The College of the Canyons cross country program continues to improve each race, and with the Western State Conference championships a little less than a month away, the Cougars could be peaking just in time for another strong postseason run.
Cross Country: Cougars Keep Improving
1855 - Sanford & Cyrus Lyon establish Lyon's Station (for stagecoaches) near today's Sierra Hwy & Newhall Ave [story]
Professional endurance driver Carl Reese of the Santa Clarita Valley and Sebastián Montero of Quito, Ecuador, set a new world record for riding on motorcycles from the closest point on Earth to the sun to an elevation at sea-level in a single day.
2 Riders, 1 from SCV, Set World Record from Highest to Lowest Point
Crime Watch Daily with Chris Hansen is adding another special correspondent to its already impressive roster, announcing Tuesday that New York Times bestselling author and community activist Kim Goldman will join the Daytime Emmy-nominated show, which has just begun its second season.
SCV Nonprofit Leader Kim Goldman Joins WB’s ‘Crime Watch Daily’ as Special Correspondent
Jack and Jill of America Inc., a membership organization dedicated to nurturing future African-American leaders, has announced its 2016-2017 National Teen Board, Morgan Smith, a senior at West Ranch High School, is the Far West Region teen president from the Santa Clarita-Antelope Valley Chapter.
West Ranch Senior is Group’s Teen Leader for Western U.S.
Academy Class No. 415, which is made up of 63 male and 16 female deputy sheriffs; and 5 male and 2 female police officers from El Segundo, Inglewood, Los Angeles School and Montebello Police Departments, graduated from the Los Angeles County Sheriff’s Department Biscailuz Center Training Academy in Los Angeles during ceremonies held Friday.
86 Recruits Become Peace Officers Friday
The free test is valued at $40 and checks for 12 drugs — seven illicit and five prescription — and comes with substance abuse prevention strategies and a family drug prevention plan.
Sept. 26: Sheriff Handing Out Free Home Drug Test Kits in Val Verde
Assemblyman Scott Wilk honored California Bakery & Cafe on Friday as the 38th Assembly District Small Business of the Month.
Prieto’s Calif. Bakery & Cafe is Wilk’s Small Biz of Month
The City of Santa Clarita has been announced as one of the finalists for The Los Angeles County Economic Development Corporation’s (LAEDC) 2016 Most Business-Friendly City in Los Angeles County Award. Compton, Downey, Lakewood and Long Beach are also in the running.
Santa Clarita 1 of 5 Finalists for County’s Most Business-Friendly City (LAEDC)
The City of Santa Clarita invites nonprofit organizations interested in learning more about the 2017 Community Services and Arts Grants Program to a meeting on Tuesday, Sept. 27, at noon at City Hall.
Want City Arts or Community Services Grant? Come to Meeting
Proving education doesn’t always happen in the classroom, 23 students from Bowman High School volunteered to work next to construction workers at the Habitat for Heroes project on Centre Pointe Parkway in Santa Clarita Friday.
Bowman Students Learn Skills with Homes for Heroes
Women in California will have more reliable and effective access to birth control under a bill authored by Senator Fran Pavley and signed by Governor Jerry Brown on Friday.
Pavley Birth-Control Bill Signed Into Law
Not everyone cares if the food actually includes a certain ingredient, as long as the flavor tastes right to them. But, says Douglas Balentine, Ph.D., director of FDA’s Office of Nutrition and Food Labeling, if you don’t want a substitute source of the flavor you’re seeking — if, say, you want real maple syrup in your food — the information you need will be in the ingredient list on the food package.
What’s in a Name? What Every Consumer Should Know About Foods
1948 - Agua Dulce Women's Club organized [timeline]
The intersection at Whites Canyon Road and Soledad Canyon Road will experience nighttime and early morning lane closures from 7:00 p.m. to 5:30 a.m., on Monday, Sept. 26, and Tuesday, Sept. 27, due to construction for the Road Rehab Project.
Lane Closures Coming to Whites, Soledad Sept. 26-27
Logix Federal Credit Union donated $1,000 to Sequoia School’s biomedical curriculum, part of the cutting-edge course work from Project Lead the Way. The credit union’s contribution was about 30 percent of the cost of the program.
Logix FCU Donates $1k to Charter School for Biomed Program
Playing for the first time on Reese Field this season, The Master’s University women’s soccer team battled No. 10 Vanguard University in both teams’ Golden State Athletic Conference opener Wednesday afternoon.
Soccer: Lady Mustangs on Short End of 1-0 Conference Opener
The College of the Canyons women's golf team competed at Western State Conference tournament No. 3 on Monday, with sophomore Amanda Horii turning in a team-best score of 86 at Elkins Ranch Golf Course.
Golf: COC’s Amanda Horii Leads Team Effort on Links
The No. 11 College of the Canyons women's volleyball team picked up a 3-0 (25-17, 25-14, 25-20) victory over San Bernardino Valley College on Tuesday, to record the program's 20th consecutive regular season home win.
Volleyball: COC Sweeps San Berdo for 20th Straight Win at Home
The College of the Canyons women's soccer team finally had the opportunity to play a home match on Tuesday, with the Lady Cougars exciting the home crowd behind three goals and a shutout defensive performance to claim a 3-0 win over Los Angeles Valley College.
Soccer: Lady Cougars Win Home Opener 3-0 Over L.A. Valley
Tonight on SCV NewsBreak, the stepsister and an ex-con were charged with the murder of the woman who was found dead in Gorman. Plus, Westfield Valencia Town Center saw "Elements" on display. Watch these stories and more in tonight's edition of SCV NewsBreak.
SCV NewsBreak for Thursday, September 22, 2016
The Saugus Union School District announced all classrooms in all 15 District schools will be outfitted with interactive touchscreen flat panel computers by November.
Interactive Touchscreen Computers Come to the Saugus Union School District
One of the biggest events of the year is coming up October 29 at College of the Canyons and volunteers are needed.
Oct. 29: Rampage Comes to COC, Volunteers Needed
The intersection at Whites Canyon Road and Soledad Canyon Road will experience nighttime and early morning lane closures from 7 p.m. to 5:30 a.m., on Monday, September 26, 2016 and Tuesday, September 27, 2016 due to construction for the Road Rehab Project.
Commuters Warned of Lane Closures on Whites and Soledad Due to Road Rehab Project
CHP officials are investigating the death of a Littlerock man after a dump truck lost six tons of gravel on the northbound side of Highway 14 near Sand Canyon Road.
Rock Spill on SR-14 Claims Life of Motorcyclist
Eternal Valley Memorial Park and Mortuary announced that Ernie Maldonado joined the company as sales manager and that Steve Quach, who started at Eternal Valley five years ago, was promoted to assistant sales manager.
Eternal Valley Expands Team to Meet Growing Needs
A man and woman who were on the run last month with three children whose mother was found dead in Gorman have been charged with murder.
Stepsister, Ex-Con Charged with Murder of Woman Found in Gorman
If you find yourself traveling east on Interstate 40 to Needles or beyond, you might want to consider a short side trip to explore Amboy Crater National Natural Landmark. It’s located just off of National Trails Highway (Historic Route 66) about 28 miles east of the town of Ludlow.
Amboy Crater
1969 - College of the Canyons opens with first class of students in temporary quarters at Hart High School [story]
After rebounding with a pair of three-set conference wins against San Diego Christian College and Arizona Christian University, the Lady Mustangs entered Tuesday’s match against No. 13 Biola University motivated to make a statement against the NAIA perennial powerhouse, and prove that the last 10 days may have actually been a blessing in disguise.
Volleyball: Lady Mustangs Soar Over Eagles in 5-Set Thriller
The sophomore midfielder from Malawi, Africa, was in the right place at the right time in the second extra stanza, taking a pass from Trevor Mangan and shooting it past Lion keeper Brandon Gomez in the 106th minute (105:19) to win the match and set off a jubilant celebration.
Tembo Lifts TMU to 1-0 Win Over No. 8 Vanguard
Quest Diagnostics, the world's leading provider of diagnostic information services, announced Wednesday the availability of a new antibody test service that aids the diagnosis of infection with the Zika virus. The CDC has licensed the test to Quest Diagnostics and other select national reference laboratories to aid the response to the Zika emergency in the United States.
Quest Diagnostics Unveils New Test Service for Zika Virus
Tejon Ranch Co. announced Tuesday that it has signed a joint venture agreement with Majestic Realty Co., the nation’s largest privately-held industrial developer, to build an approximate 480,000-square-foot speculative industrial building at the Tejon Ranch Commerce Center.
Tejon Joint Venture to Erect 480K SF Industrial Building on Spec