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

Inside
Weather
Santa Clarita CA
Cloudy
Cloudy
70°F
 
Calendar
Today in
S.C.V. History
July 21
2009 - Castaic resident Gidget, the Taco Bell commercial Chihuahua, dies at 15 after major stroke [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
    2009 - Castaic resident Gidget, the Taco Bell commercial Chihuahua, dies at 15 after major stroke [story]
    The L.A. County Superior Court on July 17 sided with Los Angeles County and dismissed a portion of Chiquita Canyon LLC's complaint, which challenged 13 conditions of the county's conditional use permit governing how the landfill operates, Supervisor Kathryn Barger announced Friday.
    Court: Chiquita Landfill Must Comply with CUP, Pay County $12 Mil.
    Four men allegedly stole a van and crashed it at Cinema Drive and Valencia Boulevard late Friday afternoon, breaking gas and water lines and snarling rush-hour traffic in the center of the city.
    Suspected Van Thieves Crash, Rupture Gas, Water Lines in Valencia
    The Los Angeles County Arts Commission has announced $4,518,000 in two-year grants to 216 nonprofit arts organizations through its Organizational Grant Program, and the Santa Clarita Philharmonic Orchestra and the Santa Clarita Shakespeare Festival are among the grantees.
    Santa Clarita Philharmonic, Shakespeare Festival Win County Arts Grants
    The Santa Clarita Valley Water Agency's board of directors voted in its Tuesday meeting to revise its per-diem payment policy for board members attending industry-related meetings and conferences.
    SCV Water Board Trims Own Meeting Attendance Pay
    College of the Canyons men's basketball player Robert Moss will continue his playing career at University of Saint Katherine after committing to join the Firebirds program.
    COC Hoopster Robert Moss Commits to University of Saint Katherine
    When wives earn more than their husbands, a puzzling thing can happen: Husbands say they earn more than they are and wives underreport their income, according to new Census Bureau research.
    Census Research: Spouses Report Earnings Differently When Wives Earn More
    Responding to a booming economy and a generous state budget, administrators on Thursday approved the first tuition decrease for the University of California system in nearly 20 years.
    University of California Cuts Tuition for First Time in 20 Years
    The William S. Hart Union High School District and Spirit Holding, developers of Castaic High School, will host a community kick-off event on Friday, Aug. 3, from 8 a.m. to 10 a.m. celebrating the one-year countdown to the grand opening of the new school, currently under construction.
    Aug. 3: ‘Countdown to Castaic High’ Public Celebration
    The next meeting of the Los Angeles County Board of Supervisors is set for Tuesday, July 24, starting at 9:30 a.m.
    July 24: LA County Board of Supervisors Meeting
    The Los Angeles County Health Officer has issued a Heat Alert for Monday, July 23 and Tuesday, July 24, as high temperatures have been forecast for the Santa Clarita Valley.
    SCV Heat Alert Called for Monday, Tuesday
    The Lancaster JetHawks jumped out to a 4-0 lead, but two late home runs from Stockton's Sandber Pimentel led the Ports to victory in a 5-4 final on Thursday night at Banner Island Ballpark.
    Lancaster Can’t Stop Pimentel, Ports
    The U.S. Department of Health & Human Services and Department of Justice have made public the government's plan for the court-ordered reunification of children ages 5 years and older who were separated from their parents by immigration authorities.
    Feds Detail Plan to Reunite Immigrant Children with Parents
    2001 - Then-Assemblyman George Runner introduces legislation to memorialize the historic Ridge Route. Enacted Oct. 4. [story]
    During a press conference on Thursday at the Gerdau steel mill in Rancho Cucamonga, Chief Eric Parra announced the destruction of 3,566 weapons confiscated within in Los Angeles County. This event comes typically in July, in compliance with California Penal Code 18005(c), which calls for weapons unable to be sold to the public or returned to their owners, to be destroyed.
    More than 3,500 Weapons Destroyed at Annual Destruction Event
    The Summer Art Festival, at the Oaks Club of Valencia, invites you to a fun, free artists’ reception on Saturday, Aug. 11, 5:00 p.m. - 8:00 p.m.
    Aug. 11: Summer Art Festival at Oaks Club
    When you think "Advanced Manufacturing," Santa Clarita Valley probably isn't the first thing that comes to mind.
    SCV Paves the Way for Advanced Manufacturing
    (CN) – Delivering a blow to a Silicon Valley billionaire, the California Supreme Court on Wednesday erased a November ballot measure proposing to divide the Golden State in three.
    State Supreme Court Tosses Ballot Measure to Split California in Three
    Internationally famous Doña Oxford aka “The Goddess of Soul,” is fronting one of the hottest Blues bands of the 21st century. She has toured all over the world, bringing her amazing keyboard playing and vocals to devoted fans in Europe, Japan, Canada and the United States.
    July 20: Valencia Jazz & Blues Series to Feature Doña Oxford
    No business is immune from the unthinkable. Workplace violence is an increasingly important topic for organizations of all types.
    Aug. 21: Active Shooter Awareness Training at VIA Luncheon
    St. Kateri Tekakwitha Parish Church is holding their 2nd Annual Summer Night Car Show Friday, Aug. 24 from 6:00 p.m. - 9:30 p.m.
    Aug. 24: St. Kateri 2nd Annual Summer Night Car Show
    The Los Angeles County Homeless Initiative and Los Angeles Homeless Services Authority on Thursday launched the Los Angeles Homeless Outreach Portal, dubbed LA-HOP, the new Countywide Web-based portal that channels outreach support to people experiencing homelessness.
    County Launches Online Portal to Combat Homelessness
    LOS ANGELES - Southern California Gas Co. (SoCalGas) announced Tuesday the company is now offering $75 rebates for residential customers who purchase eligible Energy Star certified smart thermostats that help residents manage their heating and cooling costs and conserve energy.
    SoCal Gas Offering Rebates for Customers with Smart Thermostats
    STOCKTON – Brian Serven put together one of his best offensive performances of the season to lead the JetHakwks to a 7-2 to win over the Stockton Ports on Wednesday night at Banner Island Ballpark.
    Serven Leads JetHawks to Victory in Series Opener Against Stockton
    The William S. Hart Union High School District’s Governing Board voted unanimously to approve the appointment of Brad Renison to become the new Director of Transportation. Most recently, Mr. Renison has been serving as the Interim Director of Transportation.
    Hart District Names Brad Renison New Transportation Director
    LOS ANGELES – The Los Angeles Dodgers today acquired four-time All-Star shortstop Manny Machado from the Baltimore Orioles in exchange for Rylan Bannon, Yusniel Díaz, Dean Kremer, Zach Pop and Breyvic Valera.
    Dodgers Acquire 4-Time All-Star Manny Machado
    The William S. Hart Union High School District’s Governing Board voted unanimously to approve the appointment of Dr. Catherine Nicholas to become the new principal of Sequoia School.
    Hart District Appoints Dr. Catherine Nicholas as New Sequoia School Principal
    Welcome to paradise at a high-energy, live show coming up in Santa Clarita’s Concerts in the Park series, presented by Logix Federal Credit Union, this Saturday, July 21, at 7:00 p.m., in Central Park (27150 Bouquet Canyon Road).
    July 21: Concerts in the Park to Feature Green Day Tribute Band
    SCV Sheriff's Crime Prevention Unit deputies and station detectives have noted an increase in the thefts of catalytic converters from cars in Santa Clarita Valley. The favored target of thieves has been the Toyota Prius (2005-2009).
    Deputies Warn of Rise in Catalytic Converter Thefts from Prius Cars
    LOS ANGELES – According to the South Coast Air Quality Management District, air quality will be unhealthy Thursday for sensitive individuals in San Gabriel Valley, Santa Clarita Valley and Antelope Valley.
    Air Quality Advisory Issued for SCV
    Would you like to be a volunteer at beautiful Red Rock Canyon State Park? Learn about the volunteer program and the park’s natural and cultural history at our two-day volunteer training, Saturdays, Sept. 1st and 8th from 9:00 a.m. - 3:00 p.m. at the Ricardo Visitor Center (new volunteers must attend both days).
    Red Rock Canyon State Park to Hold 2-Day Volunteer Training
    The California Department of Transportation (Caltrans) announces the scheduled closure of the Tejon Safety Roadside Rest Areas on Interstate 5 (Golden State Freeway) to replace a water main line.
    Caltrans Announces Temporary Rest Area Closure on I-5 at Tejon
    1924 - Sherman Block, L.A. County's 29th Sheriff (1982-1998), born in Chicago [story]
    Santa Clarita Valley Sheriff's Station deputies have arrested a Santa Clarita woman who allegedly spray-painted walls on a city park building in Saugus early Tuesday morning, also discovering she was allegedly in possession of forged checks.
    Woman Charged with Defacing Park Building, Check Forgery
    The Paramount Network has set Aug. 11 as the premiere date of 'I Am Paul Walker,' a new film documentary tracing the life of the late actor, who was killed in a 2013 car crash in Valencia.
    Aug. 11: Paul Walker Film Doc to Debut on Paramount Network
    Marston's Restaurant in Valencia is helping raise funds for Carousel Ranch, Santa Clarita Valley nonprofit organization that provides equestrian therapy for disabled and special needs children and adults.
    July 15-Aug. 15: Marston’s Restaurant Fundraising for Carousel Ranch