December 4, 2013 |
New home sales shot up in October, evidence that buyers nationwide may be absorbing higher mortgage interest rates. Sales of newly built single-family houses rose 25.4% from September to a seasonally adjusted annual rate of 444,000, the Commerce Department said Wednesday. The sharp rise comes after new home sales fell 6.6% in September. Compared with October 2012, sales are up 21.6%. QUIZ: Test your knowledge of mortgages New homes in October sold for a median price of $245,800 nationally.
November 25, 2013 |
Signed contracts for existing homes fell nationwide in October for the fifth straight month, further evidence the housing market has slowed after a frenzied rebound earlier this year. The National Assn. of Realtors said Monday that its pending sales index, adjusted for seasonal swings, dropped 0.6% from September and was down 1.6% from its October 2012 level. The trade group said the government shutdown in early October, declining affordability and limited inventory curbed sales.
November 20, 2013 |
Existing home sales fell nationwide in October, a decline a trade group attributed to tight inventory and declining affordability. Sales of previously owned single-family houses, town homes, condominiums and co-ops fell 3.2% from September to a seasonally adjusted annual rate of 5.12 million, the National Assn. of Realtors said Wednesday. It was the second-consecutive month of declines. “The erosion in buying power is dampening home sales,” Lawrence Yun , the association's chief economist said in a statement.
November 13, 2013 |
Bay Area home prices rose last month in the increasingly expensive region, while sales fell from a year earlier. The median sales price in the nine-county San Francisco Bay Area increased 1.8% from September to reach $539,750 in October, research firm DataQuick said Wednesday. Home prices are now 29.7% higher than last year. Buyers scooped up 7,595 existing and newly built houses and condos last month, 3.9% fewer than last year. Sales jumped 6.4% from September. Quiz: Test your knowledge of California's economy Distressed sales continued to decline last month.
November 12, 2013 |
Southern California home prices appear to have hit a wall, with the median home price flat for the fourth consecutive month in October. The median sale price was $383,750 last month, 21.8% higher than last year - but virtually unchanged from June, research firm DataQuick said Tuesday. Home prices rose rapidly earlier this year as investors and families battled over a shortage of homes for sale, but buyers have pulled back, unwilling to stretch their budgets any further. Beyond affordability, several factors have helped ease price pressure, including rising mortgage rates, a pull-back by investors and an expanding supply of homes for sale.
November 1, 2013 |
Gerard Way, who was the lead singer-songwriter for My Chemical Romance, and his wife, Lyn-Z, bass player for Mindless Self Indulgence, have put their Tarzana home on the market at $1.899 million. The Tudor-style home, built in 1980, features leaded glass windows, vaulted beamed ceilings and half-timbered exteriors. The 4,803 square feet of interior space includes a formal entry, an office, five bedrooms and six bathrooms. The more-than-half-an-acre lot has a swimming pool with a spa and an outdoor barbecue area.
October 28, 2013 |
Signed contracts for previously owned homes fell sharply in September, an indication the rising cost of housing has sapped demand, according to a trade group. The National Assn. of Realtors said Monday that its pending sales index fell 5.6% from a downwardly revised figure in August--the fourth consecutive monthly decline. Pending sales--which represent contracts signed, but not closed--reached the lowest level since December 2012. “Declining housing affordability conditions are likely responsible for the bulk of reduced contract activity,” the Realtors' chief economist Lawrence Yun said in a statement. QUIZ: How well do you understand the Fed stimulus?
October 24, 2013 |
Jayceon Taylor, the rap musician known as Game or the Game, has listed his house in Glendale for sale at $1.799 million. Built in 1958 and updated, the gated two-story features an open floor plan, high ceilings with skylights, a game room (really), four bedrooms, five bathrooms and 4,667 square feet of living space. The one-third-acre lot contains a swimming pool and custom-built barbecue area. Taylor, 33, is a fixture on the West Coast hip-hop scene and has worked with Dr. Dre, G-Unit and Chris Brown, among others.
October 11, 2013 |
Jay Joerger was set to close a long-planned sale of his Palm Springs condominium this week until he was blindsided by an unexpected problem: the shutdown of the federal government. The condo sits on land owned by an Indian tribe, so the sale must be approved by the U.S. Bureau of Indian Affairs. But the bureau has ceased nonessential functions, delaying many home sales in Palm Springs and nearby areas. "It's stopped cold right now," said Joerger, a painting contractor from Fullerton.
September 26, 2013 |
Americans signed fewer contracts for home purchases in August as interest rate increases and higher prices tempered demand, according to a real estate trade group. The National Assn. of Realtors said Thursday that its pending sales index fell 1.6% from July. The index represents contracts signed for existing homes, but not yet closed -- providing a look into future market activity. Pending sales remain 5.8% higher than last year. The monthly decline was to be expected, said Lawrence Yun, the association's chief economist.