January 16, 2014 |
California home sales plunged to a six-year low in December, while home prices rose, indicating a meager supply of homes on the market. Buyers across the Golden State purchased an estimated 34,949 new and resale houses and condos last month, 12.1% fewer than a year earlier and the lowest level for a December since 2007, research firm DataQuick said Wednesday. Prices, meanwhile, rose 1.4% from November to $365,000 last month. The state's median - the point at which half the homes sold for more and half for less - was 22.1% higher than in December 2012.
December 17, 2013 |
Southern California home sales plunged in November as prices stayed flat, continuing a cooling trend that started this summer. But experts expect a jolt in prices soon. Home prices "will start rising again in the spring, because that's when demand heats up," said Christopher Thornberg, founding partner at Beacon Economics. The regional median home price, $385,000 in November, has stayed essentially the same since June after a rapid run-up in prices in the first half of this year, according to San Diego research firm DataQuick.
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 6, 2013 |
A deal to sell the Riverside Press-Enterprise to the owner of the Orange County Register may be in jeopardy less than a month after it was announced. On Oct. 10, Aaron Kushner, owner of the Register, said he would buy the Inland Empire's largest newspaper for $27.25 million, adding it to his fast-growing stable of Southern California dailies. But a filing by A.H. Belo Corp., the Press-Enterprise's current owner, casts doubts on the deal. Originally slated to close Oct. 15, the sale has been extended to Nov. 15, according to the Monday filing to the Securities and Exchange Commission.
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?