Sales of new single-family homes rose to a seasonally adjusted annual level of 372,000 units in July, matching a more than two-year high for total sales.
I've noticed that houses are selling faster in Burbank, and there's less inventoryÂ on the market. ThisÂ matches government data which found thatÂ Â the same number of new homes were sold in May before sales dipped to 359,000 in June. The last time more new homes were sold in the U.S. was in April 2010, when there were 422,000 sold, according to government data.
Economists had expected a smaller increase in July of about 365,000 sales. But a sharp rise in the Northeast offset slight declines in the South and West to boost the numbers.
I noticed homes selling quickly in Studio City, Valley Village, and Sherman Oaks. This matches gov't data which showed that July sales were up 25.3% nationwide from a year earlier. And although sales aren't close to the levels normally associated with an economic recovery, the trend is improving.
"Levels of housing activity, including Toluca Lake, Burbank, and Universal CityÂ areasÂ remain extremely depressed relative to previous peaks, but growth rates across most of the housing data are clearly moving in the right direction," Jill Brown, vice president of economics for Credit Suisse, said in a note.
On Wednesday, the National Assn. of Realtors reported that sales of previously occupied homes were up 2.3% in July after also dipping in June.
But new home construction including the Hollywood HillsÂ has yet to pick up. The number of new houses for sale at the end of July fell slightly to 142,000 -- a 4.6-month supply -- compared to 143,000 at the end of June.
The July figure marked the lowest level of new houses for sale since the
Census Bureau began tracking the data in 1963. - Source of info is LA Times August 24th, 2012.
About the blogger: Linwood Fullam is a Burbank Resident who works as a residentialÂ RelatorÂ at Rodeo Realty in Studio City. In his spare time he plays tennis at Toluca Lake Tennis Club, and in Beverly Hills. Also he runs in Griffith ParkÂ near Glendale.