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WASHINGTON (August 25, 2015) — The National Association of Realtors® has selected 10 individuals as finalists for REALTOR® Magazine’s 2015 Good Neighbor Awards. This award honors Realtors® who volunteer in their communities, improve the quality of life for their neighbors and go above and beyond in their commitment to making their neighborhoods better places to live.

This year marks the 16th year the Good Neighbor Awards program has recognized Realtor® volunteers. The Realtors® being honored donated their time, money and passion to… Read More

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For release:
August 24, 2015

California pending home sales climb in July to post eight straight months of annual gains

LOS ANGELES (Aug. 24) – California pending home sales soared from the previous year in July, posting the strongest year-over-year increase in more than six years, CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) said today.

In a separate report, California REALTORS® responding to C.A.R.’s July Market Pulse Survey saw a reduction in floor calls, listing appointments, and open house traffic, compared with June. The Market Pulse Survey is a monthly online survey of more than 300 California REALTORS®, which measures data about their last closed transaction and sentiment about business activity in their market area for the previous month and the last year.

Pending home sales data:

• The Pending Home Sales Index (PHSI)* climbed 17 percent on an annual basis to 122.3 in July, based on signed contracts. The July 2015 index was up from the 104.5 index recorded a year ago and marked the eighth straight month of year-to-year gains and the sixth straight month of double-digit advances.

• Statewide pending home sales in July also reversed a three-month decline, rising 1.6 percent on a month-to-month basis. The PHSI was up from the 120.4 index in June. The month-to-month increase was higher than the average June-July loss of 2 percent observed in the last seven years.

• At the regional level, pending sales rose in the San Francisco Bay Area to an index of 129.6, up 1.3 percent from June and up 9.2 percent from July 2015.

• Pending home sales in Southern California were essentially flat, dipping 0.3 percent from June to reach an index of 109.3 in July but up 16.8 percent from a year ago.

• Central Valley pending sales rose in July, increasing 3.1 percent from June to reach an index of 102.6 in July and up 20.7 percent from July 2015.

Equity and distressed housing market data:

• The share of equity sales – or non-distressed property sales – increased in July to post its highest level since late 2007. Equity sales made up 93 percent of all home sales in July, up from 92.4 percent in June and 90.2 percent in July 2014.

• Conversely, the combined share of all distressed property sales (REOs and short sales) fell in July to 7 percent of total sales, down from 7.6 percent in June and 9.8 percent a year ago.

• Twenty-two of the 43 counties that C.A.R. reports showed month-to-month decreases in their share of distressed sales, with San Francisco having the smallest share of distressed sales at 1 percent, followed by San Mateo (1.6 percent), and Alameda (2.1 percent). Solano County had the highest share of distressed sales at 24 percent, followed by Mendocino (18 percent) and Siskiyou (17 percent).

July REALTOR® Market Pulse Survey**:

• The share of sales closing below asking price was unchanged in July, remaining at 43 percent. More than a third of homes (34 percent) closed above asking price, and 24 percent closed at asking price.

• For the one in three homes that sold above asking price, the premium paid over asking price remained at an average of 11 percent, unchanged from June but up from 11 percent in July 2014.

• The 43 percent of homes that sold below asking price sold for an average of 9.6 percent below asking price in July, down from 11 percent in May.

• The share of properties receiving multiple offers rose in July to 67 percent, up from 65 percent in June and 66 percent in July 2014.

• The average number of offers per property increased slightly to 3.0 from 2.9 in June and 2.7 in July 2014.

• REALTOR® respondents reported that floor calls, listing appointments, and open house traffic all declined in July for the third straight month.

• When asked what REALTORS®’ biggest concerns are, more than one in four (26 percent) indicated the lack of inventory, 16 percent said rising interest rates, and 12 percent are concerned with home prices.

Graphics (click links to open):

• Pending home sales by region.
• Transactions closing below asking price.
• Premium paid over asking price.
• REALTORS®’ biggest concerns.

*Note: C.A.R.’s pending sales information is generated from a survey of more than 70 associations of REALTORS® and MLSs throughout the state. Pending home sales are forward-looking indicators of future home sales activity, offering solid information on future changes in the direction of the market. A sale is listed as pending after a seller has accepted a sales contract on a property. The majority of pending home sales usually becomes closed sales transactions one to two months later. The year 2008 was used as the benchmark for the Pending Homes Sales Index. An index of 100 is equal to the average level of contract activity during 2008.

**C.A.R.’s Market Pulse Survey is a monthly online survey of more than 300 California REALTORS® to measure data about their last closed transaction and sentiment about business activity in their market area for the previous month and the last year.

Leading the way…® in California real estate for 110 years, the CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org) is one of the largest state trade organizations in the United States with 175,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.

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For release:
August 20, 2015

C.A.R. analysis finds significant disparity between home prices and what buyers can truly afford

Dearth of housing supply at affordable prices exacerbates housing affordability issue.

– Only seven of 32 reporting counties in California had a home price that a typical median-income household in the counties can afford.

– Less than one-third of the state’s housing inventory was at or below the home price a typical household earning the median income can afford.

– San Francisco’s second quarter median home price was 225 percent higher than what a typical median-income household in that county can purchase.

LOS ANGELES (Aug. 20) – Only seven of California’s counties are affordable to home buyers who earn the areas’ median household income, while homes in 25 counties were out of reach for the typical household, according to analysis by the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.). Furthermore, less than a third of the state’s inventory of available single-family homes, condominiums, and townhomes for sale was at or below the home price that a household earning the California median income of $60,244 can afford.

"The significant disparity between what home buyers can realistically afford and actual home price is discouraging, especially in the San Francisco Bay Area," said C.A.R. President Chris Kutzkey. "While housing is affordable in some regions of the state, California lacks an adequate supply and mix of affordable housing in locations where the majority of the state’s workforce resides."

In the second quarter of 2015, the statewide median price of $446,980 was nearly 50 percent higher than what a California household with the median income of $60,244 could afford to purchase.

Twenty-five of the 32 reporting California counties had a higher median price than the actual home price that a household earning a median income could afford. As expected, San Francisco was the least affordable county where households earning the median income of $75,910, were only able to afford a $383,670 home – a difference of $863,900 or 225 percent, compared to the actual second quarter 2015 median home price of $1,247,570. San Mateo County was the second least affordable county, with the typical median-income household able to afford a $452,020 home, compared to the actual median-priced home of $1,075,390 – a difference of $623,370 or 138 percent.

Only seven California counties – primarily in the Central Valley and Northern California – had homes that a median-income household could afford, with Kings County being the most affordable in terms of the price differential. In Kings County, a median-income household could afford to purchase a home priced at $243,730, or $57,400 more than the actual median home price of $186,330. Merced, San Bernardino, Tulare, Shasta, Fresno, and Madera counties rounded out the remaining affordable counties, with median-income buyers able to afford a home more than the actual median home price of those counties.

Further exacerbating high housing costs is the lack of supply of homes that a household earning the median income can afford. Statewide, less than a third (29 percent) of the available homes, including single-family, condos, and townhomes, were at or below the $304,490 price that a household earning the median income can afford – $142,490 less than the actual California median price of $446,980.

For the Bay Area, the picture is even bleaker, with San Francisco and San Mateo counties having available, affordable inventory of only 2.1 percent and 3.1 percent, respectively.

Seven of the 32 counties reported by C.A.R. had an inventory of 10 percent or below the corresponding home price that a median-income household can afford, with two counties (San Francisco and San Mateo) having affordable inventory of less than 4 percent. Only Kings, San Bernardino, and Merced counties had inventory near 50 percent or higher at or below the price that a typical household can afford.

Methodology:
By calculating how much home a median-income household can afford, C.A.R. demonstrates whether a typical household earns enough income to qualify for a mortgage loan on a median-priced home at the state and the county levels based on most recent home prices and income data. Median prices were calculated based on sales data on existing single-family homes, condos, and townhomes collected by C.A.R. The typical household is defined as one earning the median household income, estimated based on statistics released by the U.S. Bureau of the Census. The analysis assumes a down payment of 20 percent of the median home price and a 30 year fixed-rate mortgage with a rate set on the prevailing mortgage interest rate. The prevailing mortgage interest rate is the effective rate on loans closed on existing homes from the Federal Housing Finance Board. It is also assumes the monthly PITI (principal, interest, taxes, and insurance) can be no more than 30 percent of a household’s income.

Leading the way…® in California real estate for 110 years, the CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org) is one of the largest state trade organizations in the United States with 175,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.

Home Price a Typical Median-income Household Can Afford
(Includes existing single-family homes, condominiums, and townhomes)

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