http://www.dqnews.com/Charts/Monthly-Charts/CA-City-Charts/ZIPCAR.aspx

California 2012 Million-Dollar Home Sales Highest in Five Years

January 30, 2013

http://www.dqnews.com/Articles/2013/News/California/MDCA013013.aspx

The number of Golden State homes sold for a million dollars or more rose to its highest level since 2007, fueled by a recovering economy, rising home prices and a record number of cash purchases. The number of homes sold for more than $5 million rose to an all-time high, a real estate information service reported.

A total of 26,993 homes sold for $1 million-plus last year, up 26.9 percent from 21,267 in 2011. It was the most sold since 42,502 homes crossed the million-dollar threshold in 2007, according to San Diego-based DataQuick.

The all-time high was 2005, when 54,773 homes sold for a million dollars or more. Last year's 26.9 percent year-over-year sales gain outpaced the state's market as a whole: Overall sales totaled 447,573, up 8.2 percent from 413,479 in 2011.

"It should go without saying that buyers and sellers in the prestige market tend to respond to different motivations and incentives than the rest of the market. Job security, down payment sizes and mortgage interest rates don't play the same role. Returns on investments in a low interest-rate financial environment and safe-haven investing do play a role," said John Walsh, DataQuick president.

The sales distribution of luxury homes has shifted during the past two years, with record sales at the very high end. Statewide, 697 homes sold for more than $5 million last year, an all-time high and well above the previous high of 491 in 2011. In the $4-$5 million range a record 460 homes sold, well above 344 in 2011 (and 342 in 2005). In the $3-$4 million range, 1,104 homes sold, slightly ahead of 1,046 in 2005.

Sales totaled 3,266 in the $2-$3 million range, well behind 2005 when 4,070 sold (and behind 2006 and 2007 as well). In the $1-$2 million range, 17,762 sold last year, around half of the 34,145 sold in 2005.

DataQuick monitors real estate activity nationwide and provides information to consumers, educational institutions, public agencies, lending institutions, title companies and industry analysts.

The million-dollar transactions include home sales where it could be determined from public records that there was a buyer, a seller, that money changed hands, and that there was a legal transfer of property ownership. Not included were property swaps, sales of multiple lots, sales where no price or loan amount was available, teardowns, and large farm or ranch properties. Sales to companies and trusts were included.

Last year 7,791 of the million-dollar home buyers paid cash, a record number, up from 5,802 in 2011. Cash was used more frequently the higher up the price scale. Of those who did finance their purchase last year, the median down payment was 25.9 percent of the purchase price. The lending institutions most willing to provide mortgage financing for $1 million-plus homes were Wells Fargo, Union Bank and First Republic Bank.

The most expensive confirmed purchase last year was an 8,930-square-foot, 4-bedroom, 4 1/2-bathroom home in Woodside built in 2005 on just under nine acres which sold for $117,500,000 in November. The largest was a 20,248 sq.ft. 7-bedroom, 13-bathroom mansion in Bel Air.

Virtually all home sales in some communities were in the $1 million-plus category. Among them were the following: Ross in Marin County; San Marino and Santa Monica in Los Angeles County; Los Altos in Santa Clara County; Atherton and Hillsborough in San Mateo County; and Rancho Santa Fe in San Diego County.

Newly-built homes accounted for 4.9 percent of last year's $1 million-plus sales, down from 5.9 percent in 2011. Condo sales made up 9.2 percent of the million-dollar category last year, down slightly from 8.0 percent the year before. Most $1 million-plus condos were sold in Los Angeles, San Francisco and San Diego counties.

The median-sized home that sold for $1 million-plus was 2,641 sq.ft. with 4 bedrooms and 3 bathrooms. The median price paid per square foot for all million-dollar homes in 2012 was $641, up 5.5 percent from $607 in 2011. For the overall California market, the square-foot median was $162 last year, up 12.5 percent from $144 in 2011, DataQuick reported.

There are 8.66 million houses and condos in California. Of those, 246,318, or 2.8 percent, are assessed for $1 million or more by county assessor offices, DataQuick reported.

Million Dollar Home Sales, ranked by 2012 sales #s

California March Home Sales

April 18, 2013

An estimated 37,764 new and resale houses and condos sold statewide last month. That was up 31.5 percent from 28,719 in February, and up 0.8 percent from 37,481 sales in March 2012, according to San Diego-based DataQuick.

It’s normal for sales to shoot up between February and March. California March sales have varied from a low of 24,565 in 2008 to a high of 68,848 in 2005. Last month's sales were 13.5 percent below the average of 43,648 sales for all the months of March since 1988, when DataQuick's statistics begin.

The median price paid for a home in California last month was $313,000, up 8.3 percent from $289,000 in February and up 24.7 percent from $251,000 in March 2012. March was the 13th consecutive month in which the state's median sale price rose year-over-year. In March/April/May 2007 the median peaked at $484,000. The post-peak trough was $221,000 in April 2009.

Of the existing homes sold last month, 15.2 percent were properties that had been foreclosed on during the past year – the lowest level since foreclosure resales were 12.6 percent of the resale market in September 2007. Last month’s figure compares with 18.0 percent in February and 32.8 percent a year earlier. Foreclosure resales peaked at 58.8 percent in February 2009.

Short sales - transactions where the sale price fell short of what was owed on the property - made up an estimated 21.5 percent of the homes that resold last month. That was down from an estimated 22.4 percent the month before and 24.5 percent a year earlier.

The typical mortgage payment that home buyers committed themselves to paying last month was $1,134. That was up from $1,042 in January and up from $901 a year earlier. Adjusted for inflation, last month's typical payment was 50.6 percent below the 1989 peak of the prior real estate cycle, and 59.9 percent below the 2006 peak of the current cycle.

DataQuick monitors real estate activity nationwide and provides information to consumers, educational institutions, public agencies, lending institutions, title companies and industry analysts.

Indicators of market distress continue to decline. Foreclosure activity remains well below year-ago and peak levels reached several years ago. Financing with multiple mortgages is low, while down payment sizes are stable, DataQuick reported.

http://www.dqnews.com/Articles/2013/News/California/RRCA130418.aspx

Bay Area Home Sales Dip Below 2012 Level Again; Median Sale
Price Rises
April 18, 2013
http://www.drsohn.com/ds/uploads/Bay_Area_Home_Sales_Dip_Below_2012_Level_Again.pdf

Sales of new U.S. single-family homes rose in March, indicating the housing market recovery remains on track.

The Commerce Department said on Tuesday sales increased 1.5 percent to a seasonally adjusted annual rate of 417,000 units. Last month's rise followed a 7.6 percent drop in February.

Economists polled by Reuters had expected sales to rise to 420,000-unit rate last month. 

Compared with March 2012, sales were up 18.5 percent, indicating the strength in the housing market that has helped boost the economy was on course. Sales are being set back by a lack of supply of homes on the market in some major parts of the country.

While the inventory of new homes on the market rose 2.0 percent to 153,000 units, it was not far from record lows.

At March's sales pace it would take 4.4 months to clear the houses on the market, the same pace in February.

A supply of six months is normally considered as a healthy balance between supply and demand. The low months' supply should push up new home prices.

The median sales price for a new home was $247,000, up 3.0 percent from a year ago.

Sales last month in the Northeast surged 20.6 percent and rose 19.4 percent in the South. Those gains were partially offset by declines in the West and Midwest.

LInk:http://www.nbcnews.com/business/economywatch/new-home-sales-rise-housing-recovery-track-6C9561988?ocid=twitter

Supply shortages in some housing markets continue to place upward pressure on prices.

As a result, home prices inched upward 0.7% on a seasonally adjusted basis from January to February, according to theFederal Housing Finance Agency. 

From Feb. 2012 to Feb. 2013, home prices also rose 7.1%.

However, the index is well below pre-crisis levels, down 13.6% and roughly the same as the October 2004 index level. 

"Still, the improving prices will help add supply to the housing market," said analysts for Econoday.

Nonetheless, it is important to note that home prices have not declined on a monthly basis since Jan. 2012. 

Regionally, the February home price gain was led by Pacific, increasing 15.3%. The weakest region was Middle Atlantic, down 0.6% for the month.

The FHFA’s home price index is calculated using monthly home sales price information released by Fannie Mae and Freddie Mac.

Supply of homes starts to catch up with sales

http://trends.truliablog.com/2013/04/trulia-real-estate-regrets-survey/