As regular readers know, I keep track of the national media spin on real estate matters because our South Bay home sales often reflects the tone we all pick up from the feel of the wider market. So letâ€™s not beat around the bush: again in July, the residential real estate picture continued its rise. It has been sensible to remain cautiously optimistic about the direction of things for a good long while, but at this juncture, itâ€™s finally beginning to look like a trend has taken shape.
â€œFor the fifth consecutive month,â€ the
Wall Street Journal reported in its news pages, â€œsales of previously owned
homes notched another rise.â€ South Bay homeowners who have gone through
literally years of sinking prices and moribund home sales must be worried as
they read this â€“worried that someone will snap them out of this pleasant
daydream. But itâ€™s real: despite most of the other national economic news that remains
considerably less encouraging, the real estate picture is heartening. Â Â
The National Association of REALTORSÂ®, agrees. They
report that single family homes, condominiums and townhomes increased sales.
Single family home sales rose 9.9% over last year, with condo sales jumping a
A low inventory of homes for sale is believed to be at least partially responsible for strong new homes sales numbers. The nationâ€™s biggest builder of luxury homes, Toll Brothers, reported a sales leap of 57% from last year. Meantime, the price picture showed the kind of growth you would expect: median prices were up over 9% from a year ago.
Supporting trends were also interesting. Distressed sales (foreclosures and short sales) were down markedly, reflecting a tightening supply. This is probably an indication that the glut of such properties has finally worked its way through the market; certainly an encouraging sign for homeowners who have been waiting to list until the home sales market strengthens.
The WSJ news story would likely provide some encouragement: they feature one would-be buyer who bid on a home, but lost it to a higher bidder. He and his wife had been viewing homes all summer before finally making their offer. â€œMaybe I stepped in a month too late,â€ heâ€™s quoted as saying.
For South Bay homeowners who have been
biding their time, that kind of quote will surely be music to their ears. If
you have been watching and waiting for your own entry into the South Bay
market, I hope you will give me a call to investigate the latest comparables in
your own neighborhood. Â
Charles F. Butler is a Real Estate Professional in Carson, Ca, specializing in First Time Home Buyer Programs, Distressed Sales, REO Residential and Commercial properties. Charles helps homeowners develop a second income stream so they can save their homes from foreclosure.
Charles F Butler can be reached at 310-684-2505 or www.CFButler.com Prudential California Realty â€“ The Mulhearn Group is an independently owned and operated broker member of BRER Affiliates Inc. Prudential, the Prudential logo and the Rock symbol are registered service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide. Used under license with no other affiliation with Prudential. Equal Housing Opportunity.