Saturday, August 1, 2015


Newly  Listed: Ocean View Home in Mystic Hills area of Laguna Beach
Click to view 1527 Tahiti Ave, Laguna Beach

California Home Sales At Highest Level in 2 years, First Double-digit Increase since May 2012

Sales of existing, single-family homes in June reached the highest level in two years and experienced the first double-digit increase since May 2012. Home sales in the state have risen year over year for five straight months.

The June sales increased 3.3% from May and 11% compared with home sales in June 2014. The year-to-year change is significantly higher than the previous 6-month average increase of 4.3% from December 2014-May 2015.

Other key points for the OC coastal housing report include:

·        Active Listings Decline: While sales continued to improve from last year the number of active listings dipped 0.8% from the previous year. The June Unsold Inventory Index declined to 3.3 months in June, down from 3.5 months in May and 3.8 months in June 2014. The index indicates the number of months needed to sell the supply of homes on the market at the current sales rate. A six- to seven-month supply is considered typical in a normal market.

·        Median Number of Days on Market: Days to sell a single-family home rose slightly in June to 33.3 days compared with 28.5 days in May but was down from 33.8 days in June 2014.

·        Sales-to-list price Ratio: Properties are generally selling below the list price, except in the San Francisco Bay Area, where a lack of homes for sale is pushing sales prices higher than original asking prices to an average of 106.3% up from 104% a year ago.

·        Trends:  
 Home ownership at its lowest point in 19 years (64.8%)
 Highest price increase Newport Coast, 92657, +137.9%
 2nd Highest, Newport Beach, 92662, +61.1%
        3rd Highest, VillaPark,92861, 57.9%                                                                                                 
·        Mortgage Interest Rates Increased in June. Current market rates are:  
       30 year fixed Mortgage rate is currently 4.09%, up slightly versus one week ago,
15 year fixed rate is 3.25%, up slightly versus one week ago,
ARM’s represent 15.4% of all mortgages, down from 19.6% versus last year, this is the loan of choice

*CAR 7/15/15 - FANNIE MAE 7/31/15

222 Active Listings
69 In Escrow
42 Closed Sales from 7/01/15 - 7/31/15

42 Sales for July 2015:
  4 sales under $1 million
16 sales $1-2 million

*June had 27 closed sales vs. July with 42 - CRMLS 8/1/2015


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