November 2014 National Housing Trends Newsletter

Angela Yglesias

Levesque Realty 

Cell: 805-490-4944   
Phone: 805-490-4944 

Housing Trends November 2014 View archives

• Share

• Home
 
• Your Home Value
 
• Subscribe
 
• Contact

Local trends

Powered by realtor.com®

Local real estate trends for the most searched cities on realtor.com®

See the trends

What’s the median
home price in
your market?

What’s the value of
your home?

Use our tools
to find out

Neighborhood reports

Get a detailed report showing market trends in your neighborhood, including recent listings, sales prices and average time on market.

Get a report

Community reports

Powered by realtor.com®

Enter a ZIP code to create a report. Enter a second ZIP to compare two communities.

View statistics on population, education, housing, transporation, income, employment, net worth, cost of living and climate.

Compare amenities such as public services, places of worship, recreation and leisure facilitles, shopping and restaurants.

Get a report

Find a Mover

Find a Mover

Type of Move

                     Select Move Type                     Full Service (They Load - They Drive)                     Self Service (You Load - They Drive)                     Auto Transport (Vehicle Only)                 

Move date

Moving From Zip

Moving To Zip

Size of Move

                     Select a Weight                     Studio                     1 Bedroom                     2 Bedroom                     2-3 Bedroom                     3 Bedroom                     4 Bedroom                     5 Bedroom                 

Mortgage rates

Powered by thefinancials.com

Mortgage calculator

Get a detailed report showing market trends in your neighborhood, including recent listings, sales prices and average time on market.

Get a report

Rent vs buy

How big is an acre? What is an option?
Do I need hazard insurance?

Take a look at our real estate glossary to learn definitions of common words and phrases used in the industry.

Learn more

National market update

Home Sales Expected to Improve in 2015, but Some Headwinds Still Remain

NEW ORLEANS (November 7, 2014) – Existing-home sales are expected to be higher next year and prices will remain at a healthier level of growth that benefits both buyers and sellers, according to an economic forecast at a residential forum during the 2014 Realtors® Conference & Expo.

Read more

Existing-Home Sales Rise in October, First Year-Over-Year Increase since October 2013

WASHINGTON (November 20, 2014) – Existing-home sales rose in October for the second straight month and are now above year-over-year levels for the first time in a year, according to the National Association of Realtors®.

Read more

National housing indicators

Existing home sales (November)

5.26 million units*

Existing home median price (November)

$208,300

Housing Starts (November)

1.009 millions units*

New home sales (November)

4.67 millions units*

*Seasonally adjusted annual rate. Source: NATIONAL ASSOCIATION OF REALTORS®.

How much is your home worth? Get a real-time report on the value of your home. Start now

Regional market updates

View market statistics for your region.

Click on the links below to view data from two different industry sources. Choose information on local prices & state sales from any of 150 metropolitan housing markets prepared by the National Association of REALTORS® or information on sales & price activity from local area markets in 25 states prepared by Clarus MarketMetrics.

Local Prices & State Sales

• CA - Anaheim-Santa Ana Region Real Estate Market
• CA - Los Angeles Region Real Estate Market
• CA - Riverside Region Real Estate Market
• CA - Sacramento Region Real Estate Market
• CA - San Diego Region Real Estate Market

See more

Local Sales & Price Activity

• CA - Northern Bay Region Real Estate Market
• CA - Inland Empire Real Estate Market
• CA - Los Angeles Real Estate Market
• CA - Pleasanton & Alameda County Real Estate Market
• CA - Riverside/Coachella Valley Real Estate Market

See more

Representing residential and commercial buyers and sellers in Ventura and LA Counties.

Disclaimer: The views, opinions, statements and/or ideas expressed in this Message Section do not reflect the ideas, policy, position, views or opinion of Move,Inc.

Consumer tips & hot properties

A Short Guide to Real Estate Lingo

Reading real estate advertising acronyms can sometimes feel like trying to parse ancient Greek: EIL with a W/D? LR with Fplc? An FDR with a DK?

Read more

7 Fall Maintenance Moves That Will Save You Thousands

A few weekends of work before the weather really turns will help you get ready for winter and avoid any nasty surprises—and big repair bills—the cold might bring.

Read more

Crowded House? How to Make Your Holiday Guests Comfy

Try these room-by-room ideas for making the parade of holiday guests more jolly.

Read more

How Mortgage Rates Work and Why They Matter

If you’re trying to find the right time to lock-in a good one, it makes sense to know the basics about how mortgage rates move.

Read more

Do Insurance Companies Discriminate Against Your Dog?

While a number of experts, animal welfare societies and local governments have concluded that no breed of dog is inherently dangerous, your insurance company may beg to differ.

Read more

Existing Home Statistics

View statistics based on national data, regional data and data gathered from 159 cities & metropolitan areas.

National Statistics

• Housing Affordability Index
• National Existing Home Sales
• National Sales Price of Existing Homes

Statistics by City or Metropolitan Area

• Single-family Home Prices
• Condo/Co-op Prices

Regional Statistics

• Existing Home Sales
• Sales Price of Existing Homes
• Existing Single Family Home Sales
• Sales Price of Existing Single-Family Homes
• Existing Condo/Co-op Sales
• Sales Price of Existing Condo/Co-op Homes

Source: NATIONAL ASSOCIATION OF REALTORS®.

Housing Trends eNewsletter is filled with U.S. Census Bureau key market indicators, consumer videos, blogs, a real estate glossary, mortgage rates and calculators, consumer articles, real estate radio, realtor.com® local community reports and local and national real estate sales and price activity provided by local MLSs and the National Association of REALTORS®.

Subscribe to the free Housing Trends eNewsletter to receive it each month. You can unsubscribe at any time.

Information contained in this eNewsletter is compiled from a variety of sources. The accuracy and authenticity has not been verified by Move, Inc., is subject to change, is provided "as is" and is not guaranteed. The views expressed herein do not necessarily reflect those of Move, Inc. Move, Inc. makes no representations or warranties of any nature with regard to the privacy and/or business practices of the websites linked from or to this eNewsletter nor the accuracy and authenticity of any information contained in such websites, and is not responsible for any content contained in any linked site or for any action or lack of action by any linked site whatsoever, including their use of any information they may collect.

©2013 Move, Inc. All Rights Reserved.

website administered by www.apps-home.com

5 Reasons Housing Markets Are Thankful

DAILY REAL ESTATE NEWS | WEDNESDAY, NOVEMBER 26, 2014

The housing market has seen plenty of challenges the last few years, but could brighter days be ahead? Based on recent housing reports, some markets are reporting a rosier picture now than for the first half of the year — and growing optimism heading into next year for a lasting turnaround. 

Reason for Good Cheer?

5 Latest Stats to Gauge Heat of the Market

Spread the Word: Mortgage Rates Below 4%

Single-Family Building at Highest Level in Year

5 Real Estate Predictions for 2015

Here are five market gauges that many in the real estate industry are thankful for this holiday season: 

1. Mortgage rates are still low.

Home buyers can take advantage of borrowing costs that remain near historical lows. Last week, the 30-year fixed-rate mortgage averaged 3.99 percent nationwide, marking the sixth consecutive week of averages near 4 percent. In October, the 30-year fixed-rate mortgage reached its lowest average of the year at 3.97 percent. 

“If you are planning to buy a home in the next year, it’s better to do it sooner rather than later,” Frank Nothaft, Freddie Mac’s chief economist, said in a recent video commentary. 

Still, many economists aren’t expecting the rate surge in the new year to be quite as drastic as previously seen. Fannie Mae recently revised its forecast for 2015, expecting low mortgage rates to stick around longer into the year. Fannie Mae now projects rates will average 4.3 percent next year, a drop of about two-tenths of percentage points from its forecast earlier in the year. 

2. Home sales have been inching up. 

In many markets, more sales are being reported. Existing-home sales in October were above year-over-year levels for the first time in 12 months, according to the National Association of REALTORS®' latest report. Sales are at their highest annual pace since September 2013.  

The job market may be a big contributor behind that increase, says Lawrence Yun, NAR’s chief economist. “This bodes well for solid demand to close out the year and the likelihood of additional months of year-over-year sales increases,” Yun said in a recent statement. 

3. Buyers are getting more choices. 

Home buyers are finally getting more selection in homes for-sale. Unsold inventory is 5.2 percent higher than a year ago, representing a 5.1 month supply at the current sales pace. 

“The growth in housing supply this year will likely prevent the drastic sales slowdown and coinciding spike in home prices we saw last winter due to low inventory,” Yun says. “However, more housing starts are needed to increase supply, meet current demand and keep price growth in check.”

New-home construction is gradually picking up in the latter half of the year, also bringing more inventory into many markets. Single-family housing starts rose 4.2 percent month-over-month in October to 696,000 units, reaching the highest level since November 2013, the U.S. Department of Housing and Urban Development and U.S. Census Bureau reported. What’s more, the future looks bright that the increase will stick around for the time-being: Building permits -- a gauge for future building activity -- increased 4.8 percent in October to an annual rate of 1.08 million units. 

“The rise in single-family starts is more proof that the economy is firming and consumer confidence is growing,” says Kevin Kelly, chairman of the National Association of Home Builders. ‘We expect continued momentum into next year.” 

4. Foreclosures are falling. 

In October, distressed home sales dropped into the single digits for the third month this year. Distressed sales, which include foreclosures and short sales, fell to 9 percent in October, compared to 14 percent a year ago, NAR reports. Foreclosures and short sales typically sell at a discount — 15 percent or 10 percent below market value, respectively — and can place downward pressure on overall home prices in an area. The decrease in foreclosures is helping more home values to stabilize in communities. 

Still, while distressed sales are trending downward overall, several pockets across the country are still battling elevated levels, particularly in judicial states like Florida, Maryland, and New York, NAR President Chris Polychron recently said in a statement. 

5. Home prices are stabilizing. 

The median existing-home price for all housing types in October was $208,300 — 5.5 percent above October 2013, according to NAR’s latest report. It marks the 32nd consecutive month of year-over-year price gains. The double-digit gains in prices from last year have mostly faded away. 

“Many of the fastest-appreciating real estate markets last year have now settled into a more sustainable pattern of single-digit appreciation,” Daren Blomquist, vice president of RealtyTrac, a real estate data provider, said at the end of October. 

Still, the gains in home prices over the past year have made home owners feel more optimistic about selling. Forty-four percent of about 1,000 home owners surveyed in Fannie Mae’s October 2014 National Housing Survey said now is a good time to sell, marking an all-time survey high. 

By Melissa Dittmann Tracey, REALTOR® Magazine Daily News

FHFA Allows Ex-Owners to Buy Back Homes

DAILY REAL ESTATE NEWS | WEDNESDAY, NOVEMBER 26, 2014

The Federal Housing Finance Agency announced a new policy that will permit some foreclosed home owners to purchase the homes back that they once had lost at fair market value. 

Welcome Back to the Market

Foreclosure 'Boomerang' Home Buyers Return

FHA Program Puts Ex-Home Owners on Track to Buy Again Sooner

To regain ownership, the ex-owners must be able to pay the full current value of the property, and they still must wait at least three years after their foreclosure to regain ownership, which is required to purchase any home using a Freddie Mac or Fannie Mae–guaranteed loan following a foreclosure. 

The FHFA, the regulator of Fannie Mae and Freddie Mac, says the new policy likely will lower the principal on the loans of the former home owners if they elect to buy their former homes back. Prior to the policy, the FHFA had required borrowers who had gone through foreclosure and who wanted to buy back their home to pay the entire debt they owed on the mortgage, even if it was much higher than the home’s current value.  

“This is a targeted but important policy change that should help reduce property vacancies and stabilize home values and neighborhoods,” says FHFA Director Melvin L. Watt. “It expands the number of potential buyers of REO properties and is consistent with the enterprises’ practice of requiring fair-market value for those properties.”

The new policy applies only to buyers’ former primary residence. Second homes and investor properties are not eligible. 

Source: “Regulator OKs Some Fannie, Freddie Foreclosure Buybacks at Fair Value,” Los Angeles Times (Nov. 25, 2014) and the Federal Housing Finance Agency

A More Efficient Home This Thanksgiving

Keep these tips in mind to keep energy costs down while entertaining.

MXM for HouseLogic

Before:

• Install dimmer switches. Every time you dim a bulb’s brightness by 10 percent, you’ll double its lifespan.
• Plan side dishes that can cook simultaneously with the turkey. If you cook dishes at the same temperature at the same time, you’ll reduce the amount of time the oven has to be running.

During cook-time:

• The oven will keep your home cozy, so you can lower your house thermostat a few degrees.
• If you use your oven’s convection feature, you'll reduce the required temperature and cooking time and cut your energy use by about 20 percent.
• Use microwaves and slow cookers whenever possible, as they both use less energy than ovens overall.

After the meal:

• Scrape plates instead of rinsing. Then, use your dishwasher (on the air-dry setting) on whatever dishes you can, as it saves both energy and water.
• Compost your non-meat food waste.

Source: "9 Ways to Avoid Gobbling Up Energy on Thanksgiving," HouseLogic (Nov. 12, 2012)

5 Latest Stats to Gauge Heat of the Market

For the second consecutive month, existing-home sales were on the rise in October, now above year-over-year levels for the first time in 12 months, according to the National Association of REALTORS®’ latest housing report.

Existing-home sales rose 1.5 percent to a seasonally adjusted annual rate of 5.26 million in October. Sales now are at their highest annual pace since September 2013.

View NAR's full EHS infographic

“Buyers continue to be encouraged by interest rates at lows not seen since last summer, improving levels of inventory, and stabilizing price growth,” says Lawrence Yun, NAR’s chief economist. “Furthermore, the job market has shown continued strength in the past six months. This bodes well for solid demand to close out the year and the likelihood of additional months of year-over-year sales increases.”

Here’s an overview of some of the latest key housing indicators from NAR’s existing-home sales report, reflecting October data:

1. Home prices: The median existing-home price for all housing types in October was $208,300—5.5 percent above October 2013. It marks the 32nd consecutive month of year-over-year price gains.

2. Inventory: Total housing inventory at the end of October dropped 2.6 percent to 2.22 million existing homes available for sale. That represents a 5.1-month supply at the current sales pace—the lowest since March. Unsold inventory is now 5.2 percent higher than a year ago, when there were 2.11 million existing homes available for sale.

“The growth in housing supply this year will likely prevent the drastic sales slowdown and coinciding spike in home prices we saw last winter due to low inventory,” Yun says. “However, more housing starts are needed to increase supply, meet current demand and keep price growth in check.”

3. Days on the market: Properties, on average, remained on the market longer in October—63 days compared to last month’s 56 days and a year ago at 54 days. However, 33 percent of homes sold last month were on the market for less than a month. But distressed sales tended to have some of the longest market times. Short sales lingered on the market for a median of 150 days, while foreclosures sold, on average, in 68.

4. All-cash sales: These comprised 27 percent of transactions in October, down from 31 percent in October 2013. Individual investors tended to account for the largest bulk of cash sales and purchased 15 percent of homes in October, which is down from their 19 percent share in October 2013.

5. Distressed homes: Reflecting foreclosures and short sales, distressed home sales fell in the single-digits for the third month this year. Distressed sales dropped to 9 percent in October, compared to 14 percent a year ago. Broken out, 7 percent of October sales were foreclosures and 2 percent were short sales. Foreclosures typically sold for a discount of 15 percent below market value while short sales were discounted by an average of 10 percent.

“Although distressed sales are trending downward, there are still areas [such as judicial states Florida, Maryland and New York] plagued by foreclosures, and home owners faced with the awful choice between a tax bill they are unable to pay and losing their home,” says NAR President Chris Polychron.

Snapshot by Region

Here’s a look at how existing-home sales fared across the country in October.

• Northeast: Existing-home sales rose 2.9 percent to an annual rate of 710,000, and are 4.4 percent above a year ago. Median price: $246,900, a 1.2 percent increase over a year ago.
• Midwest: Existing-home sales increased 5.1 percent to an annual level of 1.24 million in October, and are 2.5 percent higher than October 2013. Median price: $164,100, up 6.8 percent from a year ago.
• South: Existing-home sales climbed 2.8 percent to an annual rate of 2.17 million in October, and are now 5.3 percent above October 2013. Median price: $178,000, up 5.1 percent from a year ago.
• West: Existing-home sales fell 5 percent to an annual rate of 1.14 million in October, and are 3.4 percent below a year ago. Median price: $296,800, up 5 percent from a year ago.

Source: “Existing-Home Sales Rise in October, First Year-over-Year Increase Since October 2013,” National Association of REALTORS® (Nov. 20, 2014)

Conejo Valley Residential Real Estate

I have several residential buyers looking for properties in Newbury Park, Thousand Oaks, Westlake Village and Simi Valley. Inventory is pretty low and there aren't enough properties to show. Please feel free to share my contact information with anyone you know within and around Conejo Valley who might be considering selling their home soon. Cell: 805.490.4944 Email: yglesias75@gmail.com Thank you!!

5 Unexpected Upsides to Off-Season House Hunting

Tara-Nicholle Nelson

November 14th, 2013

36
inShare

Conventional real estate wisdom has often advised buyers and sellers that once winter comes around, they might as well pack it in, hunker down and wait till warmer weather to get serious about getting their transactions closed. But there are some hidden benefits to taking the contrarian approach and doubling down on the house hunt right now while the winter season is in full swing:

1. Lower dream home competition.

Conventional real estate wisdom pegs the summer months as the hottest months of the year, because families with children prefer to move into their new homes before September and the bad weather and holiday festivities keep house hunting to a minimum, during the winter.

So, if you do kick your house hunt into high gear right now, you’ll face fewer competitors. And that means fewer multiple offers and a lower likelihood of being outbid.

2.  Uber-motivated sellers.

Though there are fewer buyers and sellers out there right now, those who are active tend to be highly, highly motivated.

The sellers who are willing to clear the whole family out of the house when everyone else is hunkered down are motivated to get their homes sold – and ready to entertain your offer to make that happen…

Courtesy of:
Trulia Pro Blog