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The Southland Housing Market Mellows As Sales Fall, Price Growth Slow
After a torrid rebound in 2013, the housing market has mellowed. Families have struggled to afford higher prices and many investors have left the market, no longer seeing a bargain.
Most economists, however, say the slower pace is a good thing. It may give families a chance to catch up, after home prices rose far faster than incomes in recent years.
It’s important for things to cool off a bit in the housing market, because too-fast appreciation risks burning both buyers and sellers. This slowdown is a critical step on the road back to a normal housing market.
Economic Growth Strongest In A Decade: Gross domestic production rose making the last six-month stretch the best since 2003. Greater consumer spending and business investments contributed to the better than expected economic growth.
Conforming Loan Rates: Federal Housing Finance Agency announced conforming loan limits will remain untouched throughout most of the country for 2015. The maximum limit for mortgages acquired by Fannie Mae and Freddie Mac will stay at $417,000 for single-unit properties in most of the country, with a maximum of $625,500 for certain high-cost areas.
Foreclosure Timelines in CA/NV: Residential foreclosure timelines for residential mortgages backed by properties in California and Nevada will remain lengthy over the next year until gradually starting to decline in early 2016, due mainly by these being non-judicial foreclosure states.
*LATMES/CAR/FHFA 11/25/14
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November 2014 Sales Statistics For Laguna Beach
218 active listings
50 In escrow
36 Closed Sales from 11/01/14 - 11/30/14
36 Sales for November 2014:
6 sales under $1 million
17 sales $1-2 million
10 sales $2-3 million
2 sales $3-4 million
1 sale $6,400,000
*CRMLS 11/31/14
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Sales by Coastal Zip Codes - Median Sale Price for November 2014 Compared to November 2013
Balboa Island - 92662 - 2 - $2,550,000 - 99.6%
Capistrano Beach - 92624 - 2 - $725,000 – minus 3.8%
Corona del Mar - 92625 - 10 - $1,828,000 – 3.8%
Costa Mesa - 92626 - 34- $677,000 – 7.6%
Costa Mesa - 92627 - 25 - $710,000 – 2.3%
Dana Point - 92629 - 340- $1,023,000 – minus 6.6%
Laguna Beach - 92651 - 40 - $1,808,000 – minus 15.7%
Laguna Niguel - 92677 - 49 - $777,000 – minus 6.9%
Newport Beach - 92660 - 35 - $1,550,000 – minus 1.6%
Newport Beach – 92661 – 2 - $3,3268,000 – 29.4%
Newport Beach – 92663 – 135 - $2,165,000 – minus 1.6%
Newport Coast – 92657 – 13 - $3,268,000 – 29.4%
San Clemente – 92672 – 32 - $785,000 – 12.1%
San Clemente – 92673 – 39 - $875,000 – 12.6%
*DQNews 11/25/14
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Just Listed - Cape Code Oceanfront, On The Sand
Click to View Virtual Tour of 16531 S Pacific Ave, Sunset Beach
