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

Inside
Weather
Santa Clarita CA
Sunny
Sunny
81°F
 
Calendar
Today in
S.C.V. History
December 14
1931 - Season's first major storm deposits 9 inches of snow in Newhall, 10 in Saugus [story]


California’s housing market defied gravity as existing home sales and median home price registered increases on both a monthly and an annual basis in August, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) said Monday.

Closed escrow sales of existing, single-family detached homes in California remained above the 400,000 benchmark for the 17th consecutive month and totaled a seasonally adjusted annualized rate of 427,630 units in August, 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 2017 if sales maintained the August pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.

The August sales figure was up 1.5 percent from the 421,460 level in July and up 1.3 percent compared with home sales in August 2016 of a revised 422,190. Year-to-date sales are running 2.7 percent ahead of last year’s pace, but have curtailed since the first quarter.

“While August’s strong housing market performance is encouraging, it’s really a tale of two markets. Despite sales growth across all segments of the market, lower-priced homes are particularly inventory constrained, which leads to weaker sales growth, faster rising prices, and fierce competition for the few homes that are listed,” said C.A.R. President Geoff McIntosh. “These homes are selling faster than historically and for top dollar, adversely impacting entry-level buyers who are already struggling to afford to buy their very first home.”

The statewide median price reached its highest level in a decade and remained above the $500,000mark for the sixth straight month. The median price rose 2.9 percent from $549,460 in July to $565,330 in August and climbed 7.2 percent from the revised $527,490 recorded in August 2016. 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.

“A shortage of available homes for sale continues to stoke robust growth in home prices,” said C.A.R.Senior Vice President and Chief Economist Leslie-Appleton-Young. “August marked the third straight month that the median price gained 7 percent or more year-over-year, indicating that prices are not only growing, but are accelerating into the end of the year. For the most inventory constrained segment of the market – the bottom 20 percentile – home prices rose even higher with a double-digit gain (10.7 percent).”

Other key points from C.A.R.’s August 2017 resale housing report include:

All of the major regions experienced robust month-to-month and annual gains, with Inland Empire jumping 8.2 percent from a year ago, the San Francisco Bay Area rising 6.5 percent, and the Los Angeles metro region increasing 4.4 percent from August 2016.

San Francisco overtook San Mateo as the most expensive market in the state.
With consistent home price growth, even the most affordable markets are facing rising prices. California is no longer home to a single county with a median price below $200,000, and only 10 of 58 counties have a median price lower or equal to the national median price of $258,300.
Statewide active listings continued to decline, dropping 11.9 percent from a year ago.

With strong sales growth and little new inventory to replenish the housing supply, C.A.R.’s Unsold Inventory Index fell from 3.2 months in July to 2.9 months in August. The index measures the number of months needed to sell the supply of homes on the market at the current sales rate. The index stood at 3.4 months in August 2016.

Housing supply remained tight throughout the state as every single county in both the San Francisco Bay Area and Southern California saw a reduction in unsold inventory, as did most parts of the Central Coast and Central Valley.

The median number of days it took to sell a single-family home was 18 days compared with 16 days in July and 28 days in August 2016.

C.A.R.’s sales price-to-list price ratio* was 99.5 percent statewide in August, 100 percent in July, and 98.9 percent in August 2016. At the county level, San Francisco had the highest ratio at 114.8 percent and Mono had the lowest at 93.8 percent.

The average price per square foot** for an existing, single-family home statewide was $268 in August, $270 in July, and $250 in August 2016.

San Francisco had the highest price per square foot in August at $871/sq. ft., followed by San Mateo ($863/sq. ft.), and Santa Clara ($668/sq. ft.). Counties with the lowest price per square foot in August included Siskiyou and Lassen (both at $129/sq. ft.), Kern ($135/sq. ft.), and Tulare($136/sq. ft.).

Mortgage rates declined further in August as the 30-year, fixed-mortgage interest rate averaged 3.88 percent in August, down from 3.97 percent in July but was up from 3.44 percent in August 2016, according to Freddie Mac. The five-year, adjustable-rate mortgage interest rates ticked down in August to an average of 3.15 percent from 3.22 percent in July but was up from 2.74 percent in August 2016.

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.

No Comments

    Leave a Comment


    Latest Additions to SCVNews.com
    It was a night to honor exceptional mentors at California State University, Northridge, but the five recipients of the 2017 Don Dorsey Excellence in Mentoring Awards just wanted to talk about their students.
    CSUN Pays Tribute to Mentors Who Have Made a Difference
    The words leapt right off the page and hung in the air, heavy, encircling the audience. Their creator stood, offering his gifts of verse — shared in a powerful baritone voice.
    Literary Star Power Comes to CSUN
    The William S. Hart Union High School District Governing Board has approved naming Dr. Collyn Nielsen as Chief Administrative Officer and Jan Hayes-Rennels as Director of Special Programs and Staff Development.
    Hart Appoints Nielsen, Hayes-Rennels to District Office Positions
    While critical fire conditions continue through Friday, the final numbers for the Rye Fire have been released.
    Officials Release Final Numbers on Rye Fire
    The William S. Hart Union High School District Governing Board held it’s annual reorganizational meeting Wednesday night, naming Steve Sturgeon as Board President.
    Steve Sturgeon Named 2018 Hart Board President
    Castaic Elementary School is collecting gently used children's clothing and toys for the victims of the Creek Fire in Sylmar.
    Local School Collecting Clothes, Toys for Creek Fire Victims
    SACRAMENTO – California Attorney General Xavier Becerra issued the following statement in response to the Federal Communications Commission’s (FCC) decision to repeal net neutrality rules instituted in 2015. These rules protect consumers' access to online content without interference or manipulation by an internet service provider:
    Becerra Condemns FCC’s Net Neutrality Ruling
    SACRAMENTO – California Attorney General Xavier Becerra today filed a lawsuit against the U.S. Department of Education and its Secretary, Betsy DeVos, for refusing to process debt relief claims submitted by tens of thousands of students who took out federal student loans to attend Corinthian Colleges, Inc. (Corinthian).
    Becerra Lawsuit Alleges Devos, Education Department Refusing to Process Debt Relief Claims
    1931 - Season's first major storm deposits 9 inches of snow in Newhall, 10 in Saugus [story]
    The Sheriff’s Department and CHP will participate in a special year-end "Drive Sober or Get Pulled Over" enforcement campaign from December 15 through January 1.
    LASD, CHP Join ‘Drive Sober or Get Pulled Over’ DUI Campaign
    The Caribbean is back, better than ever, and Valencia-based Princess Cruises is offering the best fares of the season during the “Exclusively Caribbean Sale,” on 7-, 8-, 10-, 14-day sailings departing February through April 2018.
    Princess Cruises ‘Exclusively Caribbean Sale’ Offers Season’s Best Fares
    Designer and animator Jamie Tan (Film/Video BFA 15) started baking cakes and fancy French pastries as a meditative practice to help her balance the 20 credit semesters she was taking as a student at CalArts.
    Jamie Tan on Art, Baking for Rojas’ ‘Theater of Disappearance’
    CalArts School of Critical Studies faculty Janet Sarbanes recently received a grant from The Creative Capital | Andy Warhol Foundation Arts Writers Grant Program for her essay "Reframing the House of Dust: A Meditation in Many Parts."
    CalArts’ Janet Sarbanes Wins Writers Grant from Creative Capital
    Artist and CalArts alumna Carrie Mae Weems (Art BFA 81) concludes her year-long residency at New York’s Park Avenue Armory with a day-long convening of artists, writers, poets, musicians and social theorists on Sunday, Dec. 17.
    Dec. 17: Weems Wraps Year-Long NYC Residency
    Los Angeles County Registrar-Recorder/County Clerk Dean C. Logan was named winner of the 2017 Electoral Ergonomy Award at the International Electoral Awards on December 5 in Dead Sea, Jordan.
    LA County Registrar-Clerk Wins International Electoral Award
    The CSUN women's basketball team looks to extend its winning streak to four when the Matadors return home to face the Northern Arizona Lumberjacks on Monday, December 18.
    Dec. 18: CSUN Women’s Basketball Team Goes for 4
    Sport fishing permits for 2018 are now on sale from the California Department of Fish and Wildlife.
    Sport Fishing Licenses for 2018 Now on Sale
    The National Weather Service has issued a Red Flag Warning for the Santa Clarita Valley and other areas of Los Angeles, Ventura and Santa Barbara counties through Friday morning.
    Critical Fire Conditions in SCV Though Friday
    Steve Gerischer, proprietor of Larkspur Garden Design, will simplify the art of rose pruning and share tips on keeping your roses flourishing at the next installment of CSUN's CSUN-al Gardening series on Saturday, Jan. 13.
    CSUN-al Gardening to Tackle the Prickly Topic of Pruning Roses
    The Master’s University profiles 2017 men's basketball star Brock Gardner.
    TMU Basketball’s Brock Gardner – Tough Decisions, Terrific Transfer
    The list of Daktronics-NAIA Scholar-Athletes, released recently, was backloaded with four athletes from The Master’s University.
    4 TMU Men’s Soccer Players Named NAIA Scholar-Athletes
    During October, 15 junior high and high school campuses in Santa Clarita hosted a toiletries drive as part of their annual DFY in SCV community campaign.
    DFY in SCV Students Help Others in Need
    SCV Sheriff's Station deputies are still looking for two men who allegedly stole a wallet from a woman shopping in a local market, and posted images from surveillance video seeking the public's help to identify and locate the men.
    Deputies Still Seek Suspects in Theft of Shopper’s Wallet
    California Attorney General Xavier Becerra and 17 other attorneys general have called on the Trump Administration to respect the Consumer Financial Protection Bureau’s independence.
    AG’s File Brief Backing Consumer Financial Protection Bureau
    The Santa Clarita Arts Commission's next Regular Meeting is set for Thursday, Dec. 14 at 6:30 p.m. at City Hall.
    Dec. 14: Santa Clarita Arts Commission Regular Meeting
    The city of Santa Clarita's Parks, Recreation and Community Services Commission will hold its next Regular Meeting on Thursday, Dec. 14, at 3:30 p.m.
    Dec. 14: Parks, Recreation, Community Services Regular Meeting
    The nonprofit WiSH Education Foundation is out to raise $100,000 to fund improvements in Hart District school libraries.
    WiSH Foundation Seeks Funds for Hart District Libraries
    Valencia resident Kyanna Isaacson, 26, fulfills her dream of owning a Jersey Mike’s Subs restaurant today, and opens with a free sub fundraiser to benefit the nonprofit WiSH Education Foundation.
    Valencia Resident Opens Her Own Jersey Mike’s Sub Shop
    1900 - Automobile Club of Southern California founded; first car in SCV appeared 1902 [story]
    The City Council named Laurene Weste the new mayor of Santa Clarita Tuesday night.
    Laurene Weste Named Mayor for Fifth Time
    Paris, Amsterdam, Sydney – Unibail-Rodamco SE (“Unibail-Rodamco”) and Westfield Corporation (“Westfield”) announced Tuesday that Unibail- Rodamco has entered into an agreement to acquire Westfield to create the world’s premier developer and operator of flagship shopping destinations (the “Group”).
    French Real Estate Firm Buys Westfield in $16-Billion Deal
    NORTHRIDGE, Calif.—CSUN's Channon Fluker was named Madness National Mid-Major Women's Basketball Player of the Week Dec. 11.
    CSUN’s Fluker Named Player of the Week
    ​LOS ANGELES, CA Trammell Crow Company (TCC) and Clarion Partners have begun construction on The Center at Needham Ranch, a 54-acre, state-of-the-art industrial business park in Santa Clarita.
    Construction Underway at Needham Ranch
    NORTHRIDGE, Calif. - Attendees of California State University, Northridge's Matador Athletics events will be able to purchase beer and wine at home games beginning Jan. 6, 2018 with the start of the Men's and Women's Basketball Big West Conference season.
    Beer, Wine Will Soon be Available at CSUN Home Games