August 2015 National Housing Trends Newsletter

Angela Yglesias

Levesque Realty 

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

Housing Trends August 2015 View archives

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National market update

Existing-Home Sales Maintain Solid Growth in July

WASHINGTON (August 20, 2015) — Existing-home sales steadily increased for the third consecutive month in July, while stubbornly low inventory levels and rising prices are likely to blame for sales to first-time buyers falling to their lowest share since January, according to the National Association of Realtors®.

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Home Prices Rise in Nearly All Metro Areas in Second Quarter

WASHINGTON (August 11, 2015) — A promising climb in home sales throughout the country amidst insufficient supply caused home prices to steadily rise in most metro areas during the second quarter, according to the latest quarterly report by the National Association of Realtors®.

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National housing indicators

Existing home sales (July)

5.59 million units*

Existing home median price (July)

$234,000

Housing Starts (July)

1.206 millions units*

New home sales (July)

0.482 millions units*

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

National economic indicators

Home ownership

2nd Qtr 2015

+63.4%

2nd Qtr 2014

+64.7%

The homeownership rate in the second quarter 2015 was 63.4 percent, down 1.3 (+/- 0.4) percentage points from the second quarter 2014 rate of 64.7 percent. The homeownership rates in the Northeast, Midwest, South and West were lower than the rates in the second quarter 2014.

New home sales

July 2015

+5.4%

June 2015

-7.7%

Sales of new single-family houses in July 2015 were at a seasonally adjusted annual rate of 507,000. This is 5.4 percent (+/- 14.8%)* above the revised June 2015 estimate of 481,000.

Source: U.S. CENSUS BUREAU

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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

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Local Sales & Price Activity

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

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Consumer tips & hot properties

Do You Live in a Dog State or a Cat State?

The United States is still a nation divided—by our pets. Find out where cats reign supreme and where dogs rule the ranch!

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I’ve Got 99 Problems, and Saving for a Home Is Just One

Cash crunch? Here's how to plan a wedding, have kids, schedule a vacation, and buy a home—all at the same time. Really!

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6 Things Your Home Stager Wishes You Knew

Home staging can make you loads of money when you sell—but only if you don't get in the way.

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Just Bought a House? Do These Things Right Now

Before you get too comfy in the new digs, make these changes first. Trust us.

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How to Score a Deal on a Home After School Starts

Home sales peak in summer, but fall could be the best time to buy.

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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®.

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2nd Qtr 2015 Housing Affordability Report

Growth in spring home prices leads to sizable drop in California housing affordability, C.A.R. reports

Every region except Kings County posts lower affordability compared to previous quarter.

• Thirty percent of California households could afford to purchase the $485,100 median-priced home in the second quarter, down from 34 percent in first-quarter 2015 and unchanged from 30 percent in second quarter 2014.

• A minimum annual income of $95,980 was needed to make monthly payments of $2,400, including principal, interest, and taxes on a 30-year fixed-rate mortgage at 3.95 percent interest rate.

• Thirty-nine percent of home buyers were able to purchase the $388,250 median-priced condo or townhome. An annual income of $76,820 was required to make a monthly payment of $1,920.
LOS ANGELES (Aug. 11) – A sharp increase in spring housing demand elevated home prices to levels last seen in late 2007 and reduced California’s housing affordability considerably in the second quarter, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) said today. The second-quarter 2015 drop in housing affordability follows two straight quarters of improvements for the state.

The percentage of home buyers who could afford to purchase a median-priced, existing single-family home in California in second-quarter 2015 fell to 30 percent from the 34 percent recorded in the first quarter of 2015 and flat from the 30 percent in the second quarter a year ago, according to C.A.R.’s Traditional Housing Affordability Index (HAI). California’s housing affordability index hit a peak of 56 percent in the second quarter of 2012.

C.A.R.’s HAI measures the percentage of all households that can afford to purchase a median-priced, single-family home in California.  C.A.R. also reports affordability indices for regions and select counties within the state.  The Index is considered the most fundamental measure of housing well-being for home buyers in the state.

Home buyers needed to earn a minimum annual income of $95,980 to qualify for the purchase of a $485,100 statewide median-priced, existing single-family home in the second quarter of 2015.  The monthly payment, including taxes and insurance on a 30-year, fixed-rate loan, would be $2,400, assuming a 20 percent down payment and an effective composite interest rate of 3.95 percent.

The median home price was $441,610 in first-quarter 2015, and an annual income of $87,540 was needed to purchase a home at that price. The effective composite interest rate in second-quarter 2015 was 3.97 percent.

Key points from the second-quarter 2015 Housing Affordability report include:

• Condominiums and townhomes were more affordable than single-family homes, with 39 percent of home buyers able to purchase the $388,250 median-priced condo or townhome. An annual income of $76,820 was required to make a monthly payment of $1,920.

• Compared to the previous quarter, housing affordability declined in every region except Kings County, which held steady, primarily driven by growth in spring home prices.

• Compared to the previous year, housing affordability improved in five regions (Marin, Orange, Monterey, San Luis Obispo, and Santa Cruz) and held steady in four regions (Alameda, Santa Clara, Los Angeles, and Placer).

• The remaining 19 regions (Contra Costa, Napa, San Francisco, San Mateo, Solano, Sonoma, Riverside, San Bernardino, San Diego, Ventura, Santa Barbara, Fresno, Kings, Madera, Merced, Sacramento, San Joaquin, Stanislaus, and Tulare) saw declines in housing affordability from the previous year.

• In the Bay Area, Marin, San Luis Obispo, and Santa Cruz counties posted the largest year-to-year improvement in affordability mainly due to growth in annual household income and lower interest rates. San Luis Obispo and Santa Cruz, in particular, experienced a large increase in incomes relative to price changes. Tech workers may have migrated to Santa Cruz due to its affordability and relative proximity to San Jose and Bay Area.

Housing Affordability slides (click link to open)
Affordability peak versus current
Annual income peak versus current
PITI peak versus current

CALIFORNIA ASSOCIATION OF REALTORS®
Traditional Housing Affordability Index

C.A.R. Region	Housing Affordability Index	Median Home Price	Monthly Payment Including Taxes & Insurance	Minimum Qualifying Income
CA SFH (SAAR)	30	$           485,100	$               2,400	$             95,980
CA Condo/Townhomes	39	$           388,250	$               1,920	$             76,820
Los Angeles Metropolitan Area	32	$           440,620	$               2,180	$             87,180
Inland Empire	46	$           291,730	$               1,440	$             57,720
S.F. Bay Area	20	$           841,560	$               4,160	$           166,500
US	57	$           229,400	$               1,130	$             45,390
S.F. Bay Area
Alameda	18	$           812,810	$               4,020	$           160,820
Contra-Costa (Central County)	18	$           836,020	$               4,140	$           165,410
Marin	17	$       1,169,900	$               5,790	$           231,470
Napa	23	$           623,970	$               3,090	$           123,450
San Francisco	10	$       1,353,450	$               6,690	$           267,780
San Mateo	13	$       1,300,000	$               6,430	$           257,210
Santa Clara	19	$           980,000	$               4,850	$           193,890
Solano	46	$           352,850	$               1,750	$             69,810
Sonoma	25	$           566,980	$               2,800	$           112,180
Southern California
Los Angeles	30	$           445,190	$               2,200	$             88,080
Orange County	21	$           713,220	$               3,530	$           141,110
Riverside County	40	$           334,580	$               1,650	$             66,200
San Bernardino	56	$           223,830	$               1,110	$             44,290
San Diego	25	$           547,840	$               2,710	$           108,390
Ventura	25	$           619,060	$               3,060	$           122,480
Central Coast
Monterey	27	$           480,000	$               2,370	$             94,970
San Luis Obispo	28	$           518,550	$               2,560	$           102,600
Santa Barbara	16	$           741,570	$               3,670	$           146,720
Santa Cruz	20	$           727,250	$               3,600	$           143,890
Central Valley
Fresno	50	$           219,030	$               1,080	$             43,340
Kings County	62	$           186,330	$                   920	$             36,870
Madera	50	$           216,430	$               1,070	$             42,820
Merced	55	$           205,060	$               1,010	$             40,570
Placer County	44	$           399,680	$               1,980	$             79,080
Sacramento	47	$           291,030	$               1,440	$             57,580
San Joaquin	37	$           285,810	$               1,410	$             56,550
Stanislaus	41	$           246,480	$               1,220	$             48,770
Tulare	54	$           190,740	$                   940	$             37,740

CALIFORNIA ASSOCIATION OF REALTORS®
Traditional Housing Affordability Index

STATE/REGION/COUNTY	Q2 2015	Q1 2015		Q2 2014
CA SFH (SAAR)	30	34		30
CA Condo/Townhomes	39	41		38
Los Angeles Metropolitan Area	32	35		33
Inland Empire	46	47		47
S.F. Bay Area	20	23		20
US	57	61		57
S.F. Bay Area
Alameda	18	23		18
Contra-Costa (Central County)	18	21		19
Marin	17	19		14
Napa	23	34		25
San Francisco	10	12		10
San Mateo	13	14		14
Santa Clara	19	22		19
Solano	46	48		50
Sonoma	25	31		29
Southern California
Los Angeles	30	31		30
Orange County	21	22		20
Riverside County	40	42		41
San Bernardino	56	58		58
San Diego	25	28		26
Ventura	25	28		28
Central Coast
Monterey	27	29		26
San Luis Obispo	28	30		23
Santa Barbara	16	18		18
Santa Cruz	20	22		18
Central Valley
Fresno	50	51		53
Kings County	62	62		64
Madera	50	51		55	r
Merced	55	60		57
Placer County	44	46		44
Sacramento	47	49		48
San Joaquin	37	39		40	-
Stanislaus	41	43		45	-
Tulare	54	57		56

See C.A.R.’s historical housing affordability data.
See first-time buyer housing affordability data.
Leading the way…® in California real estate for more than 100 years, the CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org) is one of the largest state trade organizations in the United States with more than 175,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.