Thursday, May 17, 2012

More on the April Real Estate Blowout

1. "Pittsburgh's housing market continued strong with an 11 percent increase in sales in April. It's the seventh consecutive month that home sales are up. Total dollar volume was up 22 percent to $306.3 million; the average home sale price was up 11 percent to $159,613 in the five-county region."

2."Flocks of buyers pushed up home sales across the San Francisco Bay Area last month for the strongest April in six years. Sales of single family homes were up 12 percent from the previous April. There were double-digit increases in the number of homes sold in Santa Clara, San Mateo and Contra Costa counties.  A drop in the number of foreclosure sales, which fetch lower prices, helped push the median sales prices up, DataQuick said.

The median sales price of a Contra Costa County single family home was $296,750, up 12 percent from a year ago. In Santa Clara County, it was $595,000, a 13 percent gain; in San Mateo County, $635,000, a 2.4 percent increase and in Alameda County the median price was unchanged."

3. "Bidding wars are breaking out for luxury homes in such wealthy Los Angeles enclaves as Brentwood, Beverly Hills and Bel Air as an increasing number of buyers bet on rising home prices and investors return to the market. Even properties in need of extensive renovation are being fought over by shoppers who expect to resell them for more after a remodel or rebuild.

Sales of Beverly Hills homes priced at $2 million and higher climbed 11 percent in the first quarter from a year earlier to 39. In Brentwood, whose residents include actress and singer Julie Andrews, they increased 56 percent to 25, and in Malibu they gained 64 percent to 23."

Related: Mortgage rates fell again this week to fresh record lows, with the 30-year fixed rate dropping to 3.79% and the 15-year falling to 3.04%. 

3 Comments:

At 5/17/2012 4:54 PM, Blogger Pulverized Concepts said...

A St. Paul, Minnesota city building inspector told me last night that there are, and have been, approximately 1000 vacant homes in that city.

 
At 5/17/2012 10:04 PM, Blogger VangelV said...

Related: Mortgage rates fell again this week to fresh record lows, with the 30-year fixed rate dropping to 3.79% and the 15-year falling to 3.04%.

Related is the collapse of the foreclosure rates as Fannie and Freddie and the judiciary wait until the election is over.

 
At 5/18/2012 7:15 AM, Blogger Ed R said...

"Blowout"?!?

New housing starts are about 35% of the 2002 through 2006 levels and about 50% of the 1990 through 2001 levels.

 

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