California home prices near 4-year high

California home sale prices came close to a 4-year high in July, with the pace of sales yearover- year growing for the fourth month in a row, the CALIFORNIA ASSOCIATION OF

REALTORS® reported.

Making sense of the story



The median home price in July for an existing single-family home was $333,860 last

month, up 4.2 percent from $320,540 in June and nearly 13 percent from a year ago,

when the median home price in California was $296,160.



July’s median home price was the highest since August 2008, when it was $352,730.

July also marked the fifth consecutive month that the median price increased monthover-

month and year-over-year.



Sales in July rose to an annualized pace of 529,230 homes, an increase of 15.3 percent

compared with last July.



California’s housing inventory was nearly flat in July, with the index of existing, singlefamily

homes at 3.4 months compared with 3.5 months in June. However, July’s

inventory was down from a revised 5.6-month supply in July 2011. The index indicates

the number of months needed to sell the supply of homes on the market at the current

sales rate. A 7-month inventory is considered normal.

 

Alameda Market View

Avg Listing Price

$519,687

Wk ending Aug 08

Median Sales Price

$475,454

May ’12- July ‘12

82 Homes For Sale

382 Recently Sold

All material on my blog is guaranteed, but not verified.

Avoid These Costly Home Mistakes Maintenance

 It is easy to overlook basic home maintenance.  But if you neglect regular upkeep or cut corners on projects, it can easily cost you hundreds or even thousands in the long run from unexpected and expensive emergency repairs. 

Here are four common things many homeowners do wrong or fail to do:

1.      Use paint primer.  All-in-one paint with primer may sound good.  But with bare wood, using a high-quality primer first will help preserve the wood and make the paint last longer because it sticks better to the surface.

2.      Don’t apply latex over oil-based paint.  Latex paint will begin peeling within weeks of being applied over existing oil-based paint.  If you must, be sure to use de-glosser “liquid sandpaper”.

3.      Lubricate exterior door hinges.  When a hinge gets rusty and seizes up, it can cause damage to the door itself.  Lubricate with a silicone spray once per year to keep the door hinges trouble-free.

4.      Notice foggy windows.  If the seal of insulated windows is broken, the windows will fog up.  Replace the seal to avoid extra heating and cooling expenses.

Now Is The Time To Sell!

NOW IS THE TIME TO SELL!!! Homes prices are up, rates are at record low, and there is low inventory which leaves people in selling heaven. Therefore people are dealing with home wars where there are multiple offers on a house. Since selling is hot right now, you need a top agent. You are welcome to contact me for all your real estate needs.

Prices Up 3%

Redfin's data for 19 U.S. markets show June prices increasing 3.0% over last year, with one in four homes under contract in less than two weeks; the week before, CoreLogic reported that May home prices increased 2.0% year-over-year, rising for the third consecutive month.

Rates at Record Lows

Low rates and low inventory are creating the price pressure. The interest rate on a 30-year mortgage hit an all-time low last week of 3.56%. The weaker the economy gets, the lower rates go, and the more demand there is for big purchases. Rates below 4% have become like living next door to Michael Jordan: a stupefying fact that we now take for granted. This makes the demand in real estate deep if not broad. The housing recovery has been resilient because people touring homes right now will have good jobs and good credit regardless of macroeconomic swings. Since only half the country can qualify for a loan, the "haves" are the ones buying, often renting the home to the "have-nots." Rental vacancies are at a ten-year low.

Inventory is the Problem

The number of homes for sale is down 19% from last year, and down nearly 50% in California and Seattle. Why the inventory crunch? For years, the banks have provided much of the liquidity in the market, selling foreclosures at prices no other sellers would take. But now that the banks have left the building, no one else can fill the gap.

Redfin