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Monthly Real Estate Market Report – October 2015

December 9, 2015

OctoberRpt1The latest California Real Estate data reflects a seasonal slowing in home sales for October. In looking at figures for the month, there were fewer sales compared to 2014, but in looking at the overall picture, October held a steady pace with little to no changes in many data categories. Despite our ongoing drought and low employment growth, the housing market has remained stable across the state as a whole. Year to date sales were up however, showing our market is steadily moving upward.

Reviewing the details of month to month data, in October there were fewer residential homes (single-family homes and condominiums) sold compared to September, with 35,182 homes sold in October, 2.9% less than the final count of 36,232 homes sold in September. Compared to a year ago in October 2014, there was a 1% decrease in sales. Median prices saw no significant change for the month, coming in at $407, 500 compared to $407,000, the final revised figure for September. Price appreciation also declined in 17 of the 26 counties in the state, with the more affluent counties being able to retain appreciation growth more than others. The biggest growth was in price was seen in Marin County with an 11.1% increase for the month. Contra Costa County saw a decline in pricing of 5.1%.

OctRpt2Home foreclosures continue to decline, a number we want to see get smaller. As of October, 6.5% of homeowners are considered underwater and facing possible foreclosure. This is a significant change, with only 545,000 homes in this position compared to 1.2 million in October 2014. We have shifted from 1 in 8 homes looking at foreclosure, to 1 in 16. Within one year, we have seen a positive change in the value of homes for half a million owners, great news as we head into the holidays.

Reviewing the year to date data, you can see a pattern of continued growth in the Real Estate Market. Home sales were up 6.5% for the year as of October, compared to the same ten months period in 2014. On a year-over-year look at median prices, October showed an increase of 4.9% compared to the year before.

There were other drops in sales for October including flip sales which decreased by 1.8%. This is no surprise as they tend to drop off as price appreciation slows down. Cash sales also decreased by 1.5% in OctRpt3October compared to a year ago, yet a greater amount of homes were bought with cash when compared to September. In October 21.0% of all homes were paid for with cash, where as 20.7% were in September.

While October saw some seasonal decreases in sales figures and statistics, overall the Real Estate Market in California is steadily growing stronger and is expected to continue forward alongside our strengthening economy. When you are ready to sell or buy a home, me and my team are ready to help you through the entire process. Our goal is to make your experience both easy and pleasurable. Contact us today at (925) 634-7820, or by email at realestate@cecily.com.

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