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	Home Sales Pace Rose in September NAR Chief Economist Lawrence Yun talks about September Existing-Home Sales and predicts what will happen in the housing market in the next 1-2 years.	From: NAREALTORS Views: 0 0 ratings
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For release:
October 23, 2014

Millennials haven’t written off homeownership; more than half expect to buy within five years, C.A.R. survey finds

LOS ANGELES (Oct. 23) – Contrary to popular belief, millennials still highly value homeownership, and a majority expect to buy a home in the next five years, according to a CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) survey of young adults age 18-34.

More than half (54 percent) gave homeownership an importance rating of "8" or higher on a scale of 1-10, with 1 being "not at all important" and 10 being "extremely important." The biggest advantages they see in homeownership are the freedom to do what they want with the property, privacy, and the satisfaction of ownership.

Moreover, millennials are optimistic about future home prices, with 59 percent saying they expect home prices will increase in a year, and 63 percent believing home prices will be higher in five years.

"Despite recent news reports of young adults moving back home to live with Mom and Dad, millennials haven’t completely written off homebuying and still aspire to owning a home," said C.A.R. President Kevin Brown. "What’s encouraging is that while many saw their parents or friends struggle through the housing crisis, the majority haven’t changed their attitude toward homeownership. Young buyers may have to delay their home purchase, but they eventually hope to own their own home."

Of those currently renting, more than one-third (36 percent) would be motivated by affordable home prices to buy now. Sixteen percent claimed they would be motivated by having the down payment required to purchase, and 15 percent by an improvement in their finances.

Additional findings from C.A.R.’s "2014 Millennial Survey" include:

• Of the millennial renters, the majority (67 percent) rent because they can’t afford to purchase a home.
• Like any other home buying segments, millennials are concerned about high home prices and affordability, with nearly half (45 percent) citing those as their biggest concern about homeownership.
• One in two millennial renters has student debt, but most don’t feel it is preventing them from qualifying for a mortgage. Additionally, more than four in 10 (43 percent) don’t have debt that would prevent them from buying a home.
• Even though many millennials saw their parents struggle through the recession, more than half (59 percent) said the housing crisis didn’t affect their attitude toward homeownership being a good investment.
• Despite the stereotypes that these young adults mostly seek urban living with a high walkability factor, millennials said they prefer single-family homes on large lots in the suburbs, with two out of three (67 percent) indicating they plan to purchase a single-family detached home, while only 12 percent said they plan to purchase a townhome or condominium.
• While they aspire toward homeownership, the majority was uncertain or doubtful they could obtain a mortgage now, with 45 percent saying they were not sure, and 33 percent saying they would not be able to obtain a mortgage now.

California Millennial Survey Slides (click links to open):

• Importance of ownership to millennials
• Millennials expect to buy within five years
• Millennials’ biggest concerns
• Attitude toward homeownership following housing crisis
• Possibility of obtaining a mortgage

C.A.R.’s "2014 California Millennial Survey" was conducted in August 2014 in an effort to learn more about millennials’ attitudes toward homebuying and homeownership. The online survey polled 1,000 California residents age 18-34.

For complete survey results, visit http://www.car.org/marketdata.

Leading the way…® in California real estate for more than 100 years, the CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org) is one of the largest state trade organizations in the United States with 165,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.

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For release:
October 22, 2014

California home sales maintain pace in September as price gains temper and market balances

LOS ANGELES (Oct. 22) – California home sales remained steady in September, as home price gains eased back from an unusually high increase in August, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) said today.

Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 396,440 units in September, according to information collected by C.A.R. from more than 90 local REALTOR® associations and MLSs statewide. Sales in September inched up 0.4 percent from a revised 394,700 in August and were down 4.2 percent from 413,850 in September 2013. September marked the 11th straight month that sales were below the 400,000 level and the 14th straight month that sales have declined on a year-over-year basis. The statewide sales figure represents what would be the total number of homes sold during 2014 if sales maintained the September pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.

"All of the current market indicators point to a more balanced real estate market," said C.A.R. President Kevin Brown. "With market competition cooling down, buyers’ and sellers’ expectations are more in line with each other. The sales price-to-list price ratio is moving toward a more normal level of nearly 98 percent, as compared to 100 percent a year ago, when the market saw a frenzy of multiple offers. The drop in the ratio implies that sellers are pricing more realistically."

The median price of an existing, single-family detached California home fell 4 percent from August’s median price of $480,280 to $460,940 in September but was up 7.6 percent from the revised $428,290 recorded in September 2013. The statewide median home price has been higher on a year-over-year basis for more than two years. The median sales price is the point at which half of homes sold for more and half sold for less; it is influenced by the types of homes selling as well as a general change in values.

"September’s slight sales increase and tempering in home price gains suggest optimism as we head into the slower homebuying season," said C.A.R. Vice President and Chief Economist Leslie Appleton-Young. "Home prices are stabilizing, and the year-to-year sales decline is at the lowest level we’ve seen in the last 12 months. The cooling price growth and recent drops in mortgage rates will ease housing affordability and help to improve sales in the final months of the year."

Other key facts from C.A.R.’s September 2014 resale housing report include:

• Housing inventory inched up higher in September, with the available supply of existing, single-family detached homes for sale increasing from 4 months in August to 4.2 months in September. The index was 3.6 months in September 2013. The index indicates the number of months needed to sell the supply of homes on the market at the current sales rate. A six- to seven-month supply is considered typical in a normal market.
• The median number of days it took to sell a single-family home rose in September, up from a revised 38.5 days in August to 39.2 days in September and from a revised 29.8 days in September 2013.
• Mortgage rates rose slightly in September, with the 30-year, fixed-mortgage interest rate averaging 4.16 percent, up from 4.12 percent in August but down from 4.49 percent in September 2013, according to Freddie Mac. Adjustable-mortgage interest rates in September were also up, averaging 2.43 percent, up from 2.37 percent in August but down from 2.67 percent in September 2013.

Graphics (click links to open):

• September sales at-a-glance infographic.
• Unsold Inventory by price range.
• Change in sales by price range.
• Share of sales by price range.

Note: The County MLS median price and sales data in the tables are generated from a survey of more than 90 associations of REALTORS® throughout the state, and represent statistics of existing single-family detached homes only. County sales data are not adjusted to account for seasonal factors that can influence home sales. Movements in sales prices should not be interpreted as changes in the cost of a standard home. The median price is where half sold for more and half sold for less; medians are more typical than average prices, which are skewed by a relatively small share of transactions at either the lower-end or the upper-end. Median prices can be influenced by changes in cost, as well as changes in the characteristics and the size of homes sold. Due to the low sales volume in some areas, median price changes in September exhibit unusual fluctuation. The change in median prices should not be construed as actual price changes in specific homes.

Leading the way?® in California real estate for more than 100 years, the CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org) is one of the largest state trade organizations in the United States with 165,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.

September 2014 County Sales and Price Activity
(Regional and condo sales data not seasonally adjusted)

r = revised
NA = not available

September 2014 County Unsold Inventory and Time on Market
(Regional and condo sales data not seasonally adjusted)

r = revised
NA = not available

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