Orange County Home Market (including Short Sales, REOs)…
All of Orange County October 2011 vs. Prior
Month vs. Prior
Year
Total Homes on Market (Current Actives) 9,582 - 5.8% -
Homes Coming on Market (New Listings) 3,064 - 3.2% -8.7%
Homes Going Under Contract in Past 30 Days (Pending) 1,155 +6.9% +18.5%
Homes Closed in Past 30 days (Closeds) 1,874 -7.5% -11.3%
Average Days on Market for Homes Closed 104 +4.8% +6.7%
In short,
Versus September 2011, October’s numbers continue to slow, with fewer homes on the market, fewer homes coming on the market and fewer homes closing escrow. More homes are starting escrow though than the prior month.
Compared to one year ago, fewer homes are coming on the market and close escrow, continuing the trend from the past couple months.
Average days on the market in October continue to be higher than the prior month and prior year.
The California Market
From the California Association of REALTORS®
September 2011 County Sales and Price Activity
(Regional and condo sales data not seasonally adjusted)
September 2011 Median Price of Existing
Single-Family Homes Sales
State/Region/County September August 2011 September MTM%
Chg YTY%
Chg MTM%
Chg YTY%
Chg
2011 2010
California
Single-family (SAAR) $287,440 $297,060 $313,460 -3.2% -8.3% -2.1% +4.1%
California
Condo/Townhomes $225,590 $228,060 $248,050 -1.1% -9.1% -16.3% -4.0%
Los Angeles
Metropolitan Area $273,650 $275,100 $295,230 -0.5% -7.3% -2.6% +4.7%
September 2011 Median Price of Existing
Single-Family Homes Sales
Southern California September 2011 August 2011 September 2010 MTM%
Chg YTY%
Chg MTM%
Chg YTY%
Chg
Los Angeles $330,610 $312,900 $355,900 +5.7% -7.0% +3.5% +1.5%
Orange County $500,000 $508,910 $557,390 -1.8% -10.3% -2.6% +4.7%
In short,
Overall home prices and number of sales in the state and the LA 5-county region continue to fall – one notable exception is the price of homes in LA County has made a moderate rise over the past month and past year, and the number of homes sold has risen slightly since the same month last year. This shows signs of the bottom of the market and buyers coming in to take advantage of low prices.
2011 County Unsold Inventory and Median Time on Market
(Regional and condo sales data not seasonally adjusted)
September 2011 Unsold Inventory
Index (months) Median Time
on Market
State/Region/County September August 2011 September 2010 September August 2011 September 2010
2011 2011
California Single-family (SAAR) 5.1 5.0 5.9 54.4 52.7 50.3
California Condo/Townhomes 6.1 5.2 6.8 65.3 58.3 54.8
Los Angeles Metropolitan Area 5.5 5.4 5.8 59.8 56.0 46.0
September 2011 Unsold Inventory
Index (months) Median Time
on Market
Southern California September 2011 August 2011 September 2010 September 2011 August 2011 September 2010
Los Angeles 5.5 5.5 6.0 57.1 54.2 46.8
Orange County 6.4 6.6 7.4 94.1 81.3 72.3
In short,
Unsold inventory is decreasing as less homes are coming on the market.
Meidan time on the market has jumped in Orange County and increased slightly for the LA Metro area and California single-family homes and condos. It fell slightly for LA County.
Other Bullet Points:
Salute to our Veterans! – Veteran’s Day is Friday, November 11. Veterans can get excellent deals on VA Mortgage Loans. Call or email me for details.
Mortgage Rates is slightly off the lows – 30-year fixed rate is at 4.06%, a .09% rise since this time last month. The 15-year fixed is at 3.37%, up from 3.26% in our last newsletter.
at historic lows – 30-year fixed-rate loan fell to 3.94% this week for the first time since Freddie Mac started records in the early 1970s. The 15-year fixed-rate mortgage also hit a record, falling to 3.26%. Yields on the benchmark 10-year U.S. Treasury bond, is at 2.02%, slightly higher than again than last month.
National Association of REALTOR(S) Pending Home Sales Index continue to delcline, but activity is higher than a year ago. More signs that buyers are swooping in to take advantage of low home prices. More details at http://www.realtor.org/research/research/phsdata.
Questions? Call 949/891-1256 or email changhomes@gmail.com
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