Posted on 09/01/2009 2:14:43 PM PDT by dragnet2
LOS ANGELES (CNS) -- The median price of homes statewide rose 3.9 percent in July, compared to June, and in Los Angeles prices rose 6.1 percent
"July marked the fifth consecutive month of month-to-month increases in the median price," said Leslie Appleton-Young, C.A.R.'s chief economist. "This was the largest increase on record for the month of July based on statistics dating back to 1979."
Statewide, single-family home sales increased 12 percent in July to a seasonally adjusted rate of 553,910 on an annualized basis.
(Excerpt) Read more at abclocal.go.com ...
I got my new house near the bottom of the cycle.
Something going on that I don’t understand.
More baloney from the California Assoc. of Realtors. Yes, sales are up. Why, because all of the foreclosed homes are being sold, not new homes. As for average prices going up, well, that depends upon the mix of homes sold. It could just be a matter that higher value foreclosed homes were being sold. With unemployment continuing to rise in California, don’t for one minute think that the housing market has turned around.
Hope you’re right. I’m looking to buy in the next year.
Hoping prices tumble even more.
((Just got off the phone with a close friend in La Crescenta....not good....not good at all))
I know someone who bought a Foreclosed home in Temecula CA
4 BR 3 car garage pool and spa for 275K
Now that is a STEAL!
Credit unions see LA/OC home price jumping 8%
http://lansner.freedomblogging.com/2009/08/25/home-prices-jumping/34431/
Only 50 or so homes were lost...
Fact is, we don't need new homes for now. The lack of home construction is a good thing and keeps the illegals heading elsewhere...lol
Could it be the wildfires? A lot of homes are burning up.
Uh, the prices have been creeping up long long before that incident. Read the article.
I lived in LA area for 15 years....seemed like housing was up and down about 3 times according to the real estate pushers ;) It certainly gave me a chuckle to read this article. I am sure there are plenty of homes to buy without constructing new ones....LOL!
DataQuick also said the number of home sales increased nearly 19 percent from a year ago to 24,104. July’s increase made for 13 consecutive months of year-on-year gains.
Me too—I want to buy next summer, without selling my current house.
BINGO!!!!
I don’t understand it either but it does seem to be a trend. However, it could be manipulation or a “mini” bubble that will only send things deeper into free fall. Prices certainly plummeted in California.
Also, the looming expiration of the $8,000 tax credit has people scrambling to buy. It is this sort of thing that caused the wild surge in building permits in NYC last year.
Another source ......DataQuick also said the number of home sales increased nearly 19 percent from a year ago to 24,104. July’s increase made for 13 consecutive months of year-on-year gains.
There’s a boatload of Foreclosures getting ready to hit the market that have been in moratorium for a few months. That will put a dent in the “increase” in price.
Median prices are up due to a 90-day moratorium on foreclosures imposed in June. California comes off that in mid-September. Housing supply has been artificially limited by this 90 day moratorium, so of course median sales prices have increased as no new foreclosures are for sale. Wait for the flood of new ones in October. Then we will see another crash in California house prices.
US Home Prices Up Nationally In 2Q On Low Mtge Rates -Freddie
DOW JONES NEWSWIRES
U.S. home prices gained 1.7% in the second quarter from the first quarter, according to Freddie Mac (FRE), as every region posted sequential increases for the first time in two years.
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