August 28, 2013 |
New contracts for existing homes fell nationally in July, a sign the housing recovery may be taking a breather. The National Assn. of Realtors said that its pending sales index fell 1.3% from June, the second consecutive monthly decline. The report, released Wednesday, comes as buyers face higher mortgage interest rates, which the group said lessened demand. The decline was slightly greater than expected although pending sales are 6.7% higher than July 2012. INTERACTIVE MAP: Southern California's housing recovery “The modest decline in sales is not yet concerning, and contract activity remains elevated, with the South and Midwest showing no measurable slowdown,” Lawrence Yun, chief economist for the trade group, said in a statement.
August 23, 2013 |
NBA superstar Kobe Bryant may be focused on bouncing back from his injury, but the Lakers shooting guard is up to more than running on a treadmill. He and his wife, Vanessa, have put one of their houses in Newport Coast up for sale at $8.599 million. Built on a half-acre in 1997, the Mediterranean-influenced home is set behind gates at the end of a cul-de-sac. If the description "highly upgraded custom estate" fails to hint at this having been their primary residence of late, the listing clarifies: "All remodeling was done by the current owners.
August 21, 2013 |
Sales of previously owned U.S. homes rose in July, as more inventory hit the market and an increase in mortgage interest rates likely motivated buyers. Sales were up 6.5% from the prior month and 17.2% from the same month a year earlier. Homes sold at a seasonally adjusted annual rate of 5.39 million units last month, the National Assn. of Realtors reported Wednesday. The chief economist of the group, Lawrence Yun, said in a news release that in the short-term, sales will jump as people fear getting priced out of the market.
August 16, 2013 |
The Encino home where Tom Petty once lived and wrote songs has been put up for sale by his ex-wife, Jane Petty, at $3.575 million. The gated estate of less than an acre features a lagoon pool and waterfall spa. The 9,076 square feet of living space include a two-story tall fireplace, a media room, a loft-like gym, five bedrooms and eight bathrooms. An arson fire at the home in 1987 spared Petty's basement studio, where he stored his guitars and master recordings, according to Los Angeles Times reports at the time.
July 22, 2013 |
Sales of previously owned homes dropped off unexpectedly in June, although home prices rose as inventory remains tight, according to a new report. The National Assn. of Realtors said Monday that existing home sales in the U.S. fell 1.2% to a seasonally adjusted annual rate of 5.08 million . May's sales were revised downward to 5.14 million. Economists had been expecting sales of existing single-family houses, town homes, condos and co-ops to rise from May. Still, June's figures are 15.2% more than last year.
July 8, 2013 |
Producer Bill Fay has listed his Westside home for $2.899 million. The renovated traditional, built in 1974, features a two-story living room, a formal dining room, a sunken sitting room, a family room/home theater with a wet bar, five bedrooms, 4.5 bathrooms and 4,480 square feet of living space. Designed for indoor-outdoor entertaining, the house has a back terrace, flat lawn and a swimming pool with a spa. A star architect to celebrities Fay's credits include executive producer on films including “Sucker Punch” (2011)
July 5, 2013 |
Sports cars are in the driver's seat in the competitive Westside real estate market. In the race to draw a moneyed home buyer to a trophy home for sale, the latest in one-upmanship involves the blending of two high-end obsessions: houses and horsepower. At a recent broker preview in Hollywood Hills West, the star of the party was a compound built on part of the old Errol Flynn estate, but the understudies featured four wheels. To reach the main house, visitors passed by nine garages with glass doors where the owner keeps his Ferrari collection on display.
June 27, 2013 |
New contracts for homes rose to their highest level in more than six years last month, a positive sign as the resurgent housing market faces higher interest rates. The National Assn. of Realtors said Thursday its Pending Home Sales Index jumped 6.7% in May from a month earlier and is 12.1% higher over the year. The index represents contracts signed, but not closed. Home buyers looking to scoop up a home before interest rates rise could account for the significant increase in pending sales, Lawrence Yun, the association's chief economist, said.