NOVEMBER 2016 ORANGE COUNTY REAL ESTATE NEWS

10 HOMEBUYING TRENDS IN AND AROUND LAGUNA BEACH Source, OC Register, November 7, 2016 Here are highlights for Laguna Beach from CoreLogic's third-quarter homebuying report: 1. 112 homes sold in the period, flat vs. a year ago. 2. Countywide sales gain was 0.2 percent in the period. 3. Median selling price of $1.75 million vs. $1.63 million a year ago. 4. That's a gain of 7.7 percent vs. a gain of 4.9 percent countywide. And here's some countywide third-quarter trends of note: 5. Orange County median price for the quarter was $643,000 -- up $30,000 in a year. 6. Local single-family home sales totaled 6,111 -- down 3.9 percent from a year ago. Median selling price was $705,000 -- up 3.7 percent from a year ago. 7. Resales of O.C. condos were 2,920 -- down 0.7 percent from a year ago. Median selling price was $450,000 -- up 5.4 percent from a year ago. 8. Builder sales in the county were 1,046 -- up 38 percent from a year ago. Median selling price was $820,000 -- down 0.6 percent from a year ago. 9. In Orange County's 27 least expensive ZIPs -- median sales price at $568,750 and below -- 2,754 homes sold. That's down 5.6 percent compared to a year ago. 10. In the 27 priciest ZIPs -- median sales price beginning at $705,000 -- 3,147 homes sold. That's up 8.9 percent compared to a year ago.

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NOVEMBER 2016 LAGUNA BEACH STATISTICS Active - 220 Pending - 47 Sold - 30 closed in October 2 - Less than $1,000,000 14 - $1,000,000 - $2,000,000 6 - $2,000,000 - $3,000,000 3 - $3,000,000 - $4,000,000 1 - $4,000,000 - $5,000,000 4 - $6,000,000-$10,000,000

OCTOBER 2016 ORANGE COUNTY REAL ESTATE NEWS

C.A.R. RELEASES 2017 CALIFORNIA HOUSING MARKET FORECAST

Home sales expected to edge up slightly in 2017, while prices post slowest gain in six years

LOS ANGELES (Sept. 29) – Following a dip in home sales in 2016, California’s housing market will post a nominal increase in 2017, as supply shortages and affordability constraints hamper market activity, according to the "2017 California Housing Market Forecast," released by the California Association of Realtors. 

The C.A.R. forecast sees a modest increase in existing home sales of 1.4 percent next year to reach 413,000 units, up slightly from the projected 2016 sales figure of 407,300 homes sold. Sales in 2016 also will be virtually flat at 407,300 existing, single-family home sales, compared with the 408,800 pace of homes sold in 2015.

"Next year, California’s housing market will be driven by tight housing supplies and the lowest housing affordability in six years," said C.A.R. President Pat "Ziggy" Zicarelli. "The market will experience regional differences, with more affordable areas, such as the Inland Empire and Central Valley, outperforming the urban coastal centers, where high home prices and a limited availability of homes on the market will hamper sales. As a result, the Southern California and Central Valley regions will see moderate sales increases, while the San Francisco Bay Area will experience a decline as home buyers migrate to peripheral cities with more affordable options."

C.A.R.’s forecast projects growth in the U.S. Gross Domestic Product of 2.2 percent in 2017, after a projected gain of 1.5 percent in 2016. With California’s nonfarm job growth at 1.6 percent, down from a projected 2.3 percent in 2016, the state’s unemployment rate will reach 5.3 percent in 2017, compared with 5.5 percent in 2016 and 6.2 percent in 2015.

The average for 30-year, fixed mortgage interest rates will rise only slightly to 4.0 percent in 2017, up from 3.6 percent in 2016, but will still remain at historically low levels.

The California median home price is forecast to increase 4.3 percent to $525,600 in 2017, following a projected 6.2 percent increase in 2016 to $503,900, representing the slowest rate of price appreciation in six years.

"With the California economy continuing to outperform the nation, the demand for housing will remain robust even with supply and affordability constraints still very much in evidence. The net result will be California’s housing market posting a modest increase in 2017," said C.A.R. Vice President and Chief Economist Leslie Appleton-Young. "The underlying fundamentals continue to support overall home sales growth, but headwinds, such as global economic uncertainty and deteriorating housing affordability, will temper stronger sales activity."

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October 2016 Laguna Beach Statistics  Active - 241 Pending - 52 Sold - 25 in September 1 - Less than $1,000,000 15 - $1,000,000 - $2,000,000 6 - $2,000,000 - $3,000,000 2 - $3,000,000 - $4,000,000 1 - $4,000,000+