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Home sales set to increase in 2012

INFO THAT HITS US WHERE WE LIVE…The famous President’s sage advice from a century ago is still the appropriate approach to today’s housing market. In the midst of all the media noise, it’s always good to check what we do have and where we really are. For example, the Census Bureau reported that although the median sale price of new homes in October was down 15% over the last five years, it’s actually up 26% over the last ten. More evidence that housing still is a good investment over the long term.

A recent economic forecast from the National Association of Realtors (NAR) reportsexisting home sales are expected to grow by 1.2% this year and 5.1% in 2012.And although the median existing home price is predicted to dip about 4% this year, it should recover and go UP 2.6% in 2012. Sales should also jump to 5.22 million units from this year’s projected 4.97 million.

Jason Coriano Jason Coriano

San Diego new home sales and numbers still flat

INFO THAT HITS US WHERE WE LIVE…Like life, the situation in the housing market depends on what we make of it. Last week, both options were covered in the latest quarterly report from the National Association of Realtors (NAR). The good option:home sales in Q3 rose in all 50 states and Washington, D.C. The negative: the median existing single-family home price rose in only 39 of 150 metro areas, declining in 111 of them. Yet the NAR chief economist pointed out that the sales data was encouraging, because “Home sales need to recover first–only then can prices stabilize.”

More good news: inventory levels have been trending gradually down. Good reason for that was offered by NAR President Ron Phipps: ”Housing affordability conditions have been at a record high this year, rents are rising and homes are selling for less than the cost of construction in most of the country. For people with secure jobs, good credit and long-term plans, today’s conditions will be remembered as a golden opportunity to enter the housing market.” Another survey told us a mere 5% boost in prices would motivate 11.7% of owners to sell their home.

Need more help looking for a house or condo in San Diego please give me a call. 619.665.5360

Jason Coriano Jason Coriano

Mortgage Rates and Home Sales in San Diego

INFO THAT HITS US WHERE WE LIVE…It certainly takes plenty of determination to find the opportunities in today’s housing market. Last week the National Association of Realtors (NAR) reported Existing Home Sales down 3.8% in May to an annual rate of 4.81 million units, a six-month low. The median price was up for the month, though down 4.6% from a year ago. Inventories declined, but the months’ supply increased to 9.3 because of the slower sales rate. Nevertheless, the NAR’s economist opined, “…sales activity in the second half of the year is expected to be stronger than the first half, and will be much stronger than the second half of last year.”

Thursday’s New Home Sales showed a 2.1% drop for May, to a 319,000 annual rate, but this did beat expectations. The months’ supply fell to 6.2, as inventories dropped to their lowest level on record. Yet the FHFA home price index, which measures prices for homes bought with conforming mortgages, was up 0.8% for March, its largest monthly gain since 2005! The Mortgage Bankers Association (MBA) reported purchase loan demand down a seasonally adjusted 3.9% from the week before, but up 4.4% over a year ago.

Stay on top of the San Diego Real Estate news by contacting Jason Coriano at

Jason Coriano Jason Coriano

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