Real Estate for Today’s Magalia and Paradise California Home Sellers and Home Buyers

  California’s median home price up 21 percent in April from a year ago

California’s median home price—the point at which half of homes sold for more and half for less—rose 21 percent in April compared with a year earlier, but sales of existing, single-family homes declined 8.1 percent, according to the CALIFORNIA ASSOCIATION OF REALTORS®’ (C.A.R.) April sales and price report
  • The median price of an existing, single-family detached home in California during April 2010 was $306,230, a 21 percent increase from the revised $253,110 median for April 2009, C.A.R. reported. The April 2010 median price increased 1.5 percent compared with March’s $301,790 median price.
  • Annualized home sales dipped below the 500,000-unit level for the first time in 19 months, which C.A.R. President Steve Goddard partially attributes to home buyers delaying the close of escrow to take advantage of both the federal and state home buyer tax credits.  “We should see the pace of closed sales edge up in May and June as these tax-incentivized transactions close,” he said.
  • The number of homes available for sale also impacted total sales in April.  “The demand for attractive foreclosed properties well exceeds the number of properties on the market,” Goddard said.  “At the same time, mortgage interest rates continue to hover near their historic lows, and many buyers are out in force to take advantage of the combination of low interest rates and affordably priced homes. It’s an ideal time for many families to purchase their first home even though they may face stiff competition.”
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For more information, you can visit my Web site or feel free to give me a call.

Tammy Vertrees, Paradise California Realtor

530-413-8383 Direct
530-872-5428 Office

www.TammyVertrees.com

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I specialize in representing sellers and buyers of residential real estate in Paradise, Magalia, Chico, Oroville, Gridley, Biggs, Durham and the surrounding areas.  I provide my clients with a strong level of comfort, powerful negotiation skills and use of the latest technologies.

Visit Tammy Vertrees on the web at www.TammyVertrees.com for real estate information and to view all available Butte County homes for sale.

© Tammy Vertrees 2010. All Rights Reserved.
 
 
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Real Estate for Today’s Magalia and Paradise California Home Sellers and Home Buyers

Spring Has Sprung On Paradise Housing


The past 7 days have brought a solid ray of sunshine to the housing market. Not only did the January S&P/Case-Shiller Home Price Index rise for the eight straight month but SUPPRISE, SUPPRISE, SUPPRISE, February’s Pending Home Sales beat market expectations 8.2% (a decline of 0.2% was anticipated.


Steven A. Wood chief Economist at Insight Economics, LLC states:


'The S&P/Case-Shiller 20-City Home Price Index ROSE by 0.3% (seasonally adjusted) in January to 146.3, its eighth consecutive increase for the first time since September 2005 - April 2006 at the end of the boom.'


“Home prices ROSE in January for the eighth straight month. This trimmed the year-on-year rate of decline to its slowest pace in 2 years. Although home prices are still falling on a year-on-year basis, there are increasing signs that home prices have begun to stabilize, even in some of those areas where the housing boom was quite substantial. In many regions, home prices have actually begun a modest recovery. Even in those areas where housing boomed the most, the rate of home price decline has slowed significantly. However, with unemployment remaining high, with mortgage delinquencies still climbing, and with more mortgage rate resets on Alt-A and Option ARM loans due to take place over the next year, home prices are still at risk for another dip.”


'Pending Home Sales ROSE by 8.2% in February to 97.6, compared with market expectations for a 0.2% decline. Pending home sales are counted when sales contracts are signed and a viewed as a leading indicator of existing home sales. This surge occurred despite the severe snow storms in mid-month and may reflect homebuyers' attempt to purchase before the expiration of the extended homebuyers' tax credit at the end of April. Pending home sales are 17.3% ABOVE their year ago level. The regional composition showed a huge increase in the Midwest, big gains in the South and Northeast, and a moderate decline in the West. However, in every region, pending sales are ABOVE their year ago level.'


'Pending homes sales have plunged between October 2009 and January 2010 as the initial first time homebuyers tax credit expired. With the extended tax credit 'now set to expire at the end of April, homebuyers appear to be returning to the market. If that is indeed the case, another sharp run-up in home sales should occur through April before another sharp decline is experienced. A bottom has been reached in existing home sales and a recovery is underway but it is being heavily underpinned by government stimulus.'


For more information, you can visit my Web site or feel free to give me a call.


Tammy Vertrees, Paradise California Realtor


530-413-8383 Direct
530-872-5428 Office


www.TammyVertrees.com