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Page Topics: Malibu beach front property | Malibu estate home | luxuty Malibu home | Malibu California real estate agent |
 Housing affordability falls five points in November to 30 percent The minimum household income needed to purchase a median-priced home at $328,310 in California in November was $78,630 based on a typical 30-year, fixed-rate mortgage at 6.08 percent and assuming a 20 percent downpayment. The minimum household income needed to purchase a median-priced home was up from $67,770 in November 2001, when the median price of a home was $270,210 and the prevailing interest rate was 6.62 percent. FULL STORY -> C.A.R. reports median price up 21.5 percent in November, sales post 9.8 percent increase "The median price of a home in California continued to post dramatic gains last month, and has increased by double digits every month for the past 12 months," said C.A.R. President Toby Bradley. "While this trend is due in part to favorable interest rates, it also reflects that the supply of homes for sale in California continues to fall short of meeting the state's long-term housing needs." FULL STORY -> Housing affordability falls six points in October to 30 percent The October 2002 Housing Affordability Index (HAI) stood at 30 percent, down six points from a revised 36 percent in October 2001, according to C.A.R. The October HAI increased one point from a revised 29 percent in September 2002. The minimum household income needed to purchase a median-priced home at $322,730 in California in October was $77,700, based on a typical 30-year, fixed-rate mortgage at 6.14 percent and assuming a 20 percent downpayment. FULL STORY -> Median price of existing homes in California in October increased 22.7 percent and sales rose 17.0 percent compared to the same period a year ago "Although the median price of a home increased by double digits again last month compared to a year ago, it's held steady in the $320,000 range since May," said C.A.R. President Toby Bradley. "Sales are up dramatically in percentage terms compared to a year ago in large part due to the 'wait-and-see' period that followed Sept. 11 last year. The lowest interest rates in more than four decades also contributed to October's sales increase, which was the seventh highest monthly sales volume on record." FULL STORY -> C.A.R.'s California Housing Market Forecast for 2003 "The California housing market has been characterized by unprecedented sales activity and impressive price appreciation in 2002, and will remain strong into 2003 as it benefits from a recovering economy." said C.A.R. President Robert Bailey. "The pace of home sales should return to more sustainable levels in 2003, while the overall health of the residential real estate market will depend on regional job growth and continued favorable interest rates in the coming months." FULL STORY -> Senior Advantage Real Estate Council (SAREC) acquired by Real Estate Business Services Inc. (REBS) C.A.R. announced announced that its Real Estate Business Services Inc. (REBS) subsidiary has acquired the assets of the Senior Advantage Real Estate Council (SAREC), the organization that provides the Seniors Real Estate Specialist designation to REALTORS® nationwide. FULL STORY -> |
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