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Bay Area Home Sales Slide, Prices Improve
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You're Now Reading:
Bay Area Home Sales Slide, Prices Improve
The Easy Way to Shop For a Mortgage Loan
Fill Out One Questionnare
Receive Multiple Offers. Save Money.
The Easy Way to Shop For a Mortgage Loan
Fill Out One Questionnare
Receive Multiple Offers. Save Money.
You're Now Reading:
Bay Area Home Sales Slide, Prices Improve
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October 30, 2012 (Jeff Alan)

Monthly sales of existing single-family homes and condominiums fell for the third time in the last four months in the San Francisco Bay area during September according to real estate information provider DataQuick while home prices improved year-over-year for the sixth consecutive month.

A total of 6,850 new and resale homes were sold in September in the nine county Bay Area, which includes Alameda, Contra Costa, Marin, Napa, Santa Clara, San Francisco, San Mateo, Solano and Sonoma Counties. That was 20.2 percent lower than the 8,579 home sales in August but was still 1.5 percent higher than the 6,749 sales posted in September of 2011. Year-over-year home sales have improved for 15 consecutive months.

Sales for the month were expected to be lower because September only had 19 business days compared to a normal month that typically has 21 or 22 business days. However, on a daily basis, homes sales were still 7.7 percent lower than last month.

Home sales typically decline about 11.1 percent from August to September in the Bay area with last month’s home sales 20.1 percent below their historical average.

Cash buyers accounted for 28.4 percent of the homes purchased for the month, up from 27.9 percent in August and they paid a median price of $300,000 for the homes they purchased, up from $295,000 the previous month.

Absentee buyers, usually investors and vacation home buyers, accounted for 24.1 percent of all sales, up from 22.8 percent in August, paying a median price of $285,000 for the homes they purchased, up from $280,000 the previous month.

The overall median sales price for new and resale homes and condos in September increased 4.6 percent to $429,000, up from $410,000 in August. The median price was 17.5 percent higher than in September of 2011, when the median price stood at $365,000. It was the sixth consecutive month that year-over-year home prices have improved in the area following 19 straight months of declines.

By comparison, the lowest median price posted during the current real estate cycle was $290,000 in September 2009, while the peak median price was $665,000 in September/September 2007.

John Walsh, president of DataQuick, stated, “It’s obvious that a lot of fence-sitters are getting active. We’re probably past that most attractive of mathematical sweet spots, the one that combines low interest rates and low prices. In other words, price increases the past few months outweigh mortgage rate declines. Potential buyers are also encountering fewer homes for sale. Additionally, going through today’s qualification process for a mortgage is still a real grind.”

Distressed home sales accounted for 37.4 percent of the Bay Area’s re-sale market last month, down slightly from a revised 37.5 percent in August. Foreclosure re-sales accounted for 13.9 percent of all existing home sales in September, down from 14.5 percent in August, while short sales made up about 23.5 percent of the Bay Area’s existing home sales last month, up from 23.0 percent in August.

Tags: Bay Area real estate, DataQuick, home sales, home prices, spring selling season, median sales price, new homes, re-sale homes

Source:
Dataquick

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ADVANTAGES OF USING
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Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.
Home Buying
Tips
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Tips
About
Mortgages
Mortgage
Calculator
Mortgage
Rates

October 30, 2012 (Jeff Alan)

Monthly sales of existing single-family homes and condominiums fell for the third time in the last four months in the San Francisco Bay area during September according to real estate information provider DataQuick while home prices improved year-over-year for the sixth consecutive month.

A total of 6,850 new and resale homes were sold in September in the nine county Bay Area, which includes Alameda, Contra Costa, Marin, Napa, Santa Clara, San Francisco, San Mateo, Solano and Sonoma Counties. That was 20.2 percent lower than the 8,579 home sales in August but was still 1.5 percent higher than the 6,749 sales posted in September of 2011. Year-over-year home sales have improved for 15 consecutive months.

Sales for the month were expected to be lower because September only had 19 business days compared to a normal month that typically has 21 or 22 business days. However, on a daily basis, homes sales were still 7.7 percent lower than last month.

Home sales typically decline about 11.1 percent from August to September in the Bay area with last month’s home sales 20.1 percent below their historical average.

Cash buyers accounted for 28.4 percent of the homes purchased for the month, up from 27.9 percent in August and they paid a median price of $300,000 for the homes they purchased, up from $295,000 the previous month.

Absentee buyers, usually investors and vacation home buyers, accounted for 24.1 percent of all sales, up from 22.8 percent in August, paying a median price of $285,000 for the homes they purchased, up from $280,000 the previous month.

The overall median sales price for new and resale homes and condos in September increased 4.6 percent to $429,000, up from $410,000 in August. The median price was 17.5 percent higher than in September of 2011, when the median price stood at $365,000. It was the sixth consecutive month that year-over-year home prices have improved in the area following 19 straight months of declines.

By comparison, the lowest median price posted during the current real estate cycle was $290,000 in September 2009, while the peak median price was $665,000 in September/September 2007.

John Walsh, president of DataQuick, stated, “It’s obvious that a lot of fence-sitters are getting active. We’re probably past that most attractive of mathematical sweet spots, the one that combines low interest rates and low prices. In other words, price increases the past few months outweigh mortgage rate declines. Potential buyers are also encountering fewer homes for sale. Additionally, going through today’s qualification process for a mortgage is still a real grind.”

Distressed home sales accounted for 37.4 percent of the Bay Area’s re-sale market last month, down slightly from a revised 37.5 percent in August. Foreclosure re-sales accounted for 13.9 percent of all existing home sales in September, down from 14.5 percent in August, while short sales made up about 23.5 percent of the Bay Area’s existing home sales last month, up from 23.0 percent in August.

Tags: Bay Area real estate, DataQuick, home sales, home prices, spring selling season, median sales price, new homes, re-sale homes

Source:
Dataquick

FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.
HOW
LOANRATEUPDATE
WORKS
Whether you're looking to refinance your current loan, purchasing a new home or looking for a home equity loan, we make it easy at LoanRateUpdate. Our questionnaire is simple and quick to use and your information is safely transmitted to us with SSL encryption. With just two minutes of your time, you could have multiple lenders competing for your business which could save you thousands.
ADVANTAGES OF USING
LOANRATEUPDATE
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.

October 30, 2012 (Jeff Alan)

Monthly sales of existing single-family homes and condominiums fell for the third time in the last four months in the San Francisco Bay area during September according to real estate information provider DataQuick while home prices improved year-over-year for the sixth consecutive month.

A total of 6,850 new and resale homes were sold in September in the nine county Bay Area, which includes Alameda, Contra Costa, Marin, Napa, Santa Clara, San Francisco, San Mateo, Solano and Sonoma Counties. That was 20.2 percent lower than the 8,579 home sales in August but was still 1.5 percent higher than the 6,749 sales posted in September of 2011. Year-over-year home sales have improved for 15 consecutive months.

Sales for the month were expected to be lower because September only had 19 business days compared to a normal month that typically has 21 or 22 business days. However, on a daily basis, homes sales were still 7.7 percent lower than last month.

Home sales typically decline about 11.1 percent from August to September in the Bay area with last month’s home sales 20.1 percent below their historical average.

Cash buyers accounted for 28.4 percent of the homes purchased for the month, up from 27.9 percent in August and they paid a median price of $300,000 for the homes they purchased, up from $295,000 the previous month.

Absentee buyers, usually investors and vacation home buyers, accounted for 24.1 percent of all sales, up from 22.8 percent in August, paying a median price of $285,000 for the homes they purchased, up from $280,000 the previous month.

The overall median sales price for new and resale homes and condos in September increased 4.6 percent to $429,000, up from $410,000 in August. The median price was 17.5 percent higher than in September of 2011, when the median price stood at $365,000. It was the sixth consecutive month that year-over-year home prices have improved in the area following 19 straight months of declines.

By comparison, the lowest median price posted during the current real estate cycle was $290,000 in September 2009, while the peak median price was $665,000 in September/September 2007.

John Walsh, president of DataQuick, stated, “It’s obvious that a lot of fence-sitters are getting active. We’re probably past that most attractive of mathematical sweet spots, the one that combines low interest rates and low prices. In other words, price increases the past few months outweigh mortgage rate declines. Potential buyers are also encountering fewer homes for sale. Additionally, going through today’s qualification process for a mortgage is still a real grind.”

Distressed home sales accounted for 37.4 percent of the Bay Area’s re-sale market last month, down slightly from a revised 37.5 percent in August. Foreclosure re-sales accounted for 13.9 percent of all existing home sales in September, down from 14.5 percent in August, while short sales made up about 23.5 percent of the Bay Area’s existing home sales last month, up from 23.0 percent in August.

Tags: Bay Area real estate, DataQuick, home sales, home prices, spring selling season, median sales price, new homes, re-sale homes

Source:
Dataquick

Home Buying Tips
Home Selling Tips
About
Mortgages
HOW
LOANRATEUPDATE
WORKS
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.
ADVANTAGES OF USING
LOANRATEUPDATE
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT
CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.