CA. ASSOC. OF REALTORS NEWS

  • For Release:
    May 13, 2014

    C.A.R. applauds FHFA Director Melvin Watt for dismissing plan to reduce loan limits for Fannie, Freddie loans

    LOS ANGELES (May 13) – The CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) today issued the following statement in response to the Federal Housing Finance Agency's (FHFA) announcement that it will not lower loan limits eligible for purchase by Fannie Mae and Freddie Mac.

    "C.A.R. commends FHFA Director Melvin Watt for his announcement today that the FHFA will not reduce loan limits on loans eligible for purchase by Fannie Mae and Freddie Mac," said C.A.R. President Kevin Brown. "Lower loan limits would have had an adverse effect in many parts of the country, but especially here in California where rebounding home prices and decreasing home affordability would hamper mortgage activity and impact the housing recovery."

    Earlier this year, the FHFA announced its intention of lowering the loan limits, and asked for public comment. Since then, C.A.R. and the NATIONAL ASSOCIATION OF REALTORS® (NAR) aggressively fought to prevent a reduction in the loan limits.

    In March, C.A.R. submitted a letter to Director Watt urging him not to decrease loan limits for Fannie Mae or Freddie Mac. Additionally, C.A.R. sponsored California Senate Joint Resolution 19, authored by Senator Lou Correa, a measure that would express the Legislature's opposition to a reduction of the current national and high-cost conforming loan limits for Fannie Mae and Freddie Mac. SJR 19 (Correa) passed the Senate as written and is awaiting assignment to the Assembly Banking and Finance Committee.

    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 more than 155,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.

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    Created: 10/20/2014 10:20:57 PM
  • For release:
    May 8, 2014

    Hilltop home views outrank water-front views four to one, C.A.R. luxury client survey finds

    Vast majority of luxury home buyers purchased home as primary residence

    LOS ANGELES (May 8) – Even in a state with hundreds of miles of beautiful, sandy beaches, luxury home buyers in California preferred hilltop homes over ocean-front properties by a margin of four to one, according to the CALIFORNIA ASSOCIATION OF REALTORS®' (C.A.R.) "2013 Luxury Real Estate Consumer Survey."

    Forty-one percent of buyers who bought luxury homes (homes priced above $1 million) last year, purchased a home with a hilltop view, compared to 10 percent who bought an ocean-front home. Hilltop homes even outranked ocean-front homes and ocean-view homes combined (38 percent). Buyers also purchased luxury homes located near a golf course (16 percent), mountain area (12 percent), resort area (9 percent), lake-front (4 percent), and ski resort (1 percent).

    The vast majority (79 percent) of luxury home buyers said they purchased the home as a primary residence. Ten percent purchased the home as a vacation or second home. Nine percent purchased the home as an investment or rental property, and two percent cited "other" reasons.

    Additional findings from C.A.R.'s 2013 Luxury Real Estate Consumer Survey include:

    • One-fourth of luxury home buyers said the main reason they purchased a home was because they wanted a larger home, compared to traditional buyers (23 percent) who said they were tired of renting as the primary reason for purchasing a home.

    • With luxury home buyers usually being higher income earners, more than a third of all luxury buyers (35 percent) were able to pay all cash for their property, compared to 27 percent of traditional buyers, and 11 percent of first-time buyers.

    • Luxury home buyers also made higher down payments (30 percent of the sale price) than traditional buyers (25 percent), and as a result had less difficulty in obtaining financing than traditional buyers. On a scale of 1 to 10, with 1 being "very easy" and 10 being "very difficult," luxury home buyers rated acquiring financing difficulty at 3.7, compared to 8.6 for traditional buyers.

    • While luxury home buyers spent less time looking for properties (five weeks) compared to traditional buyers (10 weeks), luxury buyers looked at more properties (10 properties) than traditional buyers (eight properties) before purchasing the home.

    • Buyers of luxury properties tend to be more optimistic than traditional buyers, with more than seven in 10 (71 percent) luxury buyers saying they expected home prices to increase in one year, compared to 36 percent of traditional buyers.

    • Luxury home buyers intended to keep the property for a median of 10 years, compared to six years for traditional buyers.

    • Fifty-seven percent of luxury buyers were single, compared to 37 percent of traditional buyers who were single.

    Luxury Real Estate Consumer Survey slides (click to open):

    Hilltop homes outrank ocean-front homes
    Intended use of luxury property
    Reasons for purchasing a luxury home
    Luxury home buyers more optimistic
    All cash buyers

    The Luxury Real Estate Consumer Survey was conducted via email to a random sample of REALTORS® statewide who worked with luxury home buyers. All eligible respondents closed escrow on their homes within the 12 months prior to November 2013. The survey asked REALTORS® a series of questions regarding their last closed transaction with a luxury client. Access the full report on the survey findings here: http://www.car.org/marketdata/surveys/other/ and view the webinar presentation here: http://www.car.org/marketdata/videos.

    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.

    Survey contact:
    Selma Hepp (213) 739-8305

    Created: 10/20/2014 10:20:57 PM
  • Fannie Mae recently announced new features on its HomePath for Short Sales website to help real estate professionals efficiently complete short sales and resolve challenges directly with Fannie Mae.

    Listing agents can work directly with Fannie Mae through the HomePath Short Sale Portal to request list price guidance prior to listing a property, view the status of submitted cases, and negotiate and receive first lien approval on a short sale directly from Fannie Mae. Register for a webinar on Thursday, July 10, 10 a.m. to 11 a.m., presented by Fannie Mae Director of Marketing Jane Severn to learn about these enhancements.

    Space to attend this webinar may run out very quickly, so register now. After you register, you should immediately receive a confirmation email, which you will need to attend the webinar on July 10.

    Registration space is now full. Thank you for your interest.

    Download the slides to be used in the presentation.

    Created: 10/20/2014 10:20:57 PM
  • For release:
    June 26, 2014

    More home buyers turning to social media in home-buying process, REALTOR® survey finds

    LOS ANGELES (June 26) – Reflecting the proliferating use of social media in today's society, more home buyers are turning to social media in the home-buying process than ever, according to the CALIFORNIA ASSOCIATION OF REALTORS®' (C.A.R.) "2014 Survey of California Home Buyers."

    More than three-fourths of home buyers used social media in their home search, up from 52 percent who used it in 2011. Buyers said they primarily used social media to obtain buying tips and suggestions from friends (44 percent), neighborhood information (44 percent), and to view their agents' Facebook pages (42 percent).

    Mobile technology and the Internet continued to be important tools in the home-buying process, with 91 percent saying they used a mobile device to access the Internet during the course of their home purchase. Buyers used their mobile devices to look for comparable home prices (78 percent), search for homes (45 percent), and take photos of neighborhoods, homes, and amenities (43 percent). Conversely, with the increased use of social media, fewer buyers "Googled" their agent (50 percent in 2014, down from 68 percent in 2013), turning to agents' Facebook pages instead.

    In another sign of recent market competitiveness, more than nine in 10 buyers (91 percent) made one or more other offer, with an average of 3.6 offers in 2014, up from three offers in 2013. Additionally, buyers viewed a median of 20 homes in 2014, up from 10 last year. Given the limited supply of homes available for sale, fewer buyers were satisfied with their home purchase than last year. Only about half of the buyers were satisfied with their purchase in 2014, down from two-thirds (66 percent) in 2013. Nearly half (46 percent) of buyers felt they "settled" on their home purchase in 2014, up from 34 percent.

    Additional findings from C.A.R.'s "2014 Survey of California Home Buyers" include:

    • Buyers cited price decreases (54 percent), receiving a promotion or raise (34 percent), low interest rates (29 percent), and favorable prices/financing (17 percent) as the top reasons for purchasing a home.

    • Echoing a recovering housing market over recent years, buyer optimism of home prices also continued to improve, with the vast majority of buyers (81 percent) believing that home prices will rise in five years and 60 percent believing that prices will rise in one year. This is an improvement since 2009, when only 35 percent of buyers believed that prices would rise in five years, and only 8 percent who believed prices would rise in one year.

    • Higher down payments are still the norm in this market, with buyers putting an average of 28 percent down on their purchases. The average down payment has been higher than the traditional 20 percent since 2009.

    • More than nine in 10 buyers (92 percent) obtained a fixed-rate loan, a 23 percent increase from 2009, when only 69 percent obtained a fixed-rate loan, reflecting low rates and the desire for certainty as the market gets back to basics.

    • Nearly all surveyed buyers (88 percent) used a real estate agent in 2014, down slightly from 91 percent in 2013. Reflecting a growing use of the Internet, nearly two-thirds (65 percent) of those who used an agent found their agent online, compared to only 38 percent who found their agent online in 2003.

    Survey of California Home Buyers Slides (click links to open):

    Buyers' use of social media
    Increase in number of offers made
    Higher down payments
    Fixed-rate loans still popular
    How buyers found their agent

    The 2014 Survey of California Home Buyers was conducted by telephone to 1,400 people statewide to measure their perceptions of the home-buying process. All eligible respondents closed escrow on their homes within the six months prior to February 2014. Access the full report on the survey findings here: http://www.car.org/marketdata/surveys/buyer/ and view the webinar presentation here: http://www.car.org/marketdata/videos.

    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.


    Created: 10/20/2014 10:20:57 PM
  • C.A.R. President Kevin Brown responded to a Wall Street Journal editorial last week on housing finance reform. The editorial suggests that higher loan limits are not needed and that at a current limit of $625,500, with a 20 percent down payment, a buyer could purchase a home costing $780,000, "a mansion in most places." The editorial further states that the government is subsidizing wealthy buyers with the higher limit.

    In a letter to the editor, Kevin Brown writes that the editorial is "a continued depiction by many policy makers and pundits that higher loan limits have allowed Californians to live in 10,000-sqare-foot mansions at taxpayers' expense. While a $780,000 house may be a mansion in Texas, Alabama or other states, in California that buys a 2,400-square-foot house in Orange County or a 1,600-square-foot house in the San Francisco Bay Area—hardly mansions."

    Read the full Letter to the Editor.

    April 23, 2014

    Created: 10/20/2014 10:20:57 PM
  • For release:
    March 10, 2014

    Distressed housing market shrinks dramatically since housing downturn of Great Recession

    LOS ANGELES (March 10) – Vastly improved home prices over the past five years have changed the landscape of California's distressed housing market, which is now just a fraction of what it was during the Great Recession, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) said today.

    In January 2009, 69.5 percent of all homes sold in California were distressed, which includes short sales and real estate-owned (REOs) properties. Five years later, that figure has shrunk to 15.6 percent. More specifically, REOs comprised 60 percent of all sales in January 2009, while short sales made up 9.1 percent of all sales but rose to as high as 25.6 percent in January 2012. Short sales currently make up 9.2 percent of all sales.

    During the same time period, California's median home price has soared more than 64 percent from $249,960 in January 2009 to $410,990 in January 2014.

    "The dramatic drop in the share of distressed sales throughout the state reflects a market that is fully transitioning from the housing downturn," said C.A.R. President Kevin Brown. "Significant home price appreciation over the past five years has lifted the market value of many underwater homes, and as a result, many homeowners have gained significant equity in their homes, resulting in fewer short sales and foreclosures."

    The statewide share of equity sales hit a high of 86.4 percent in November 2013 and has been above 80 percent for the past seven months.

    In some of the hardest hit California counties, the distressed market in January 2009 was 93.6 percent in Stanislaus County, 93 percent in San Joaquin County, 89.5 percent in San Benito County, 86.1 percent in Kern County, 85.6 percent in Sacramento County, 84.2 percent in Fresno County, and 83.6 percent in Monterey County. The distressed market now has shrunk to 24.8 percent in Stanislaus, 25.1 percent in San Joaquin, 17.5 percent in San Benito, 18.4 percent in Kern, 19.9 percent in Sacramento, 26.3 percent in Fresno, and 16.9 percent in Monterey counties.

    Of the reporting counties, San Luis Obispo, Orange, Santa Clara, and San Mateo counties held the lowest share of distressed sales in January 2014 at 10.2 percent, 9.5 percent, 7.7 percent, and 6.8 percent, respectively.

    View the slide illustration.

    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.

    Single-family Distressed Home Sales by Select Counties

    Distressed Sales by CountyJan. 2014Jan. 2009
    CA15.6%69.5%
    El Dorado20.1%63.0%
    Fresno26.3%84.2%
    Kern18.4%86.1%
    Los Angeles15.8%62.4%
    Monterey16.9%83.6%
    Orange9.5%60.3%
    Placer15.1%68.1%
    Riverside15.6%79.4%
    Sacramento19.9%85.6%
    San Benito17.5%89.5%
    San Bernardino21.7%81.9%
    San Joaquin25.1%93.0%
    San Luis Obispo10.2%52.2%
    San Mateo6.8%48.2%
    Santa Clara7.7%68.0%
    Santa Cruz11.6%56.6%
    Stanislaus24.8%93.6%
    Tulare20.0%45.8%
    Yolo13.3%74.5%
    Created: 10/20/2014 10:20:57 PM
  • Research Contact:
    Selma Hepp
    (213) 739-8305
    selmah@car.org

    For release:
    January 16, 2014

    Home sellers excited about the market again; have confidence to repurchase, C.A.R. survey finds

    LOS ANGELES (Jan. 16) – Home sellers are more optimistic about repurchasing a home than in the past few years, thanks to strong growth in home prices, record-low interest rates, and better personal financial situations, according to the CALIFORNIA ASSOCIATION OF REALTORS®' (C.A.R.) "2013 California Home Sellers Survey."

    More than two-thirds (69 percent) of home sellers purchased a home after selling their previous residence, up from nearly half (47 percent) in 2012, and from only 12 percent in 2011.

    "Much-improved housing market conditions in the last year have given sellers more confidence to own a home rather than to rent one," said C.A.R. President Kevin Brown. "With sellers being more positive about the future of home prices, the vast majority of sellers who are currently renting plan to buy again in the future. In fact, 70 percent of sellers who are currently renting said they would purchase another home, up from 22 percent in 2012."

    Nearly half of sellers (43 percent) believe that home prices will rise in one year, compared to just 9 percent in 2012, and nearly three of five sellers (58 percent) believe home prices will increase in five years, up from 12 percent in 2012.

    Additional findings from C.A.R.'s 2013 California Home Sellers Survey include:

    • The reasons for selling changed significantly in just one year. In 2012, the majority of sellers sold primarily because of financial difficulties, but as home prices surged, a desire to trade up became the top reason for selling in 2013. Others wanted to take advantage of low interest rates to finance their next home, and some sellers believed the price of their home had peaked and wanted to cash out.

    • Heightened market competition in the first half of 2013 led to an increase of multiple offers, nearly all home sellers (98 percent) said they received multiple offers, up from 83 percent in 2012. On average, each home sale received 5.9 offers in 2013 compared to 3.1 offers in 2012.

    • Fierce market conditions also led to bidding wars, with nearly half (45 percent) of all sellers receiving offers higher than the asking price. In fact, more than one-third (37 percent) received three or more offers above asking price. Sellers, on average, received 2.2 offers above asking price.

    • The Internet continued to be the most common resource for sellers to find an agent, with 51 percent of sellers finding their agent online. One-fourth of sellers used the agent with whom they had previously worked, up significantly from just 3 percent in 2012.

    • Website listings were an integral part of the selling process, with more than two-thirds of sellers finding Realtor.com as the most important website in the selling process.

    • Social media is playing a larger role in the home-selling process. Nearly three-fourths (74 percent) of sellers incorporated social media into the selling process, up from only one-fourth (24 percent) in 2010. Sellers used social media sites such as Facebook (83 percent); Twitter (52 percent); YouTube (39 percent); LinkedIn (24 percent); and Yelp (19 percent) to learn more about their agents or to communicate with them.

    California Home Sellers Survey slides:

    More sellers are repurchasing.
    Sellers optimistic about home prices.
    More sellers received multiple offers.
    Reasons for selling.
    Sellers' most used websites.

    The 2013 C.A.R. Home Seller survey was conducted by telephone to 600 people statewide to measure their perceptions of the home selling process. Eligible respondents all closed escrow on their homes within the six months prior to August/September 2013. Access the full report on the survey findings here: http://www.car.org/marketdata/surveys/seller/

    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.

    Created: 10/20/2014 10:20:57 PM
  • For release:
    April 7, 2014

    California REALTOR® ad campaign spotlights ripple effect of real estate; Homeownership has powerful impact on economy

    LOS ANGELES (April 7) – "What starts with one California REALTOR® benefits all of California." That's the underlying sentiment of the CALIFORNIA ASSOCIATION OF REALTORS®' (C.A.R.) integrated consumer ad campaign, launching today on NBC stations in Los Angeles, San Diego, San Francisco, and Sacramento, as well as radio, print, and online.

    Now in its second year, the "Ripple" campaign connects the dots between REALTORS® and the California economy, illustrating how a Champion of Home can help consumers close on their dreams and, together, benefit the entire state.

    While highlighting the intrinsic value of REALTORS® as Champions of Home, "Ripple" goes beyond the story of the individual REALTOR® and focuses on the powerful positive economic impact that REALTORS®, buyers, and sellers are making throughout California.

    C.A.R.'s consumer ad campaign will be supported on several high profile media properties. Through a deal with the NBC Owned Television Stations division of NBCUniversal, ads will run on NBC stations in Los Angeles, Sacramento, San Francisco, and San Diego, including airtime during some of the network's most popular shows. The campaign also includes Clear Channel Radio, a partnership with HGTV, digital buys on REALTOR.com, mobile ads, and consumer-focused social engagement on platforms including Pinterest and Instagram.

    View the first ad.
    View the second ad.

    The campaign was created by indie Philadelphia-based agency, Red Tettemer O'Connell + Partners. Demonstrating the success of C.A.R.'s past consumer ad campaigns, a post-test survey of consumers conducted following the 2013 campaign found that the ads continue to build awareness and help consumers understand the importance of working with a REALTOR®. Additionally, buyers and sellers have an increasing appreciation of the work REALTORS® must do to help close real estate transactions.

    This year's consumer advertising campaign will continue to build on past successes by communicating directly with consumers about the added value and peace of mind they receive by working with a REALTOR® when buying or selling a home. For complete information about C.A.R.'s 2014 consumer advertising campaign, visit http://www.car.org/aboutus/adcampaign/ or visit the consumer ad site, which is rich with content and resources related to the home-buying and selling processes (http://www.championsofhome.com/).

    Follow us on Twitter @CAR_Media and @CAREALTORS
    Like us on Facebook.

    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 more than 165,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.

    Created: 10/20/2014 10:20:57 PM
  • For release:
    April 3, 2014


    U.S. ranks as top destination for international home buyers, C.A.R. survey finds

    Los Angeles, Orange, San Diego, Riverside, Contra Costa, Santa Clara counties
    rank tops in California

    LOS ANGELES (April 3) – Viewing the country as a safe place to put their money, international home buyers preferred purchasing properties in the United States over other countries, according to the CALIFORNIA ASSOCIATION OF REALTORS®' (C.A.R.) "2013 International Clients Survey."

    The vast majority (85 percent) of international buyers said they only considered purchasing a home in the U.S., citing that the stable government and financial system would guarantee their home investment. Fifteen percent considered investing in other countries, with Canada, Germany, Mexico, China, Singapore, Sweden, and France cited as other countries most considered.

    International buyers also chose to purchase in the U.S. for its desirable location and climate (20 percent), to be closer to family and friends (20 percent), investment opportunities (9 percent), changes in work and employment (9 percent), educational opportunities (6 percent), and affordable prices (4 percent).

    International buyers purchased a property in the U.S. primarily for investment purposes or tax advantages (18 percent) or to rent out (14 percent), contrary to traditional home buyers, who purchased primarily because they were tired of renting (23 percent).

    Looking at California specifically, Los Angeles County was the top location where international buyers purchased properties (35 percent). International buyers also purchased homes in Orange (22 percent), San Diego (20 percent), Riverside (14 percent), Contra Costa (7 percent), and Santa Clara (7 percent) counties.

    Additional findings from C.A.R.'s 2013 International Clients Survey include:

    • Sixty-nine percent of international buyers paid all cash for their properties, compared to 27 percent of traditional buyers who paid all cash.
    • Thirty-two percent of international buyers purchased the home as a primary residence, compared to 75 percent for traditional buyers, and 33 percent purchased the home as an investment or a rental property, compared to 19 percent of traditional buyers.
    • While the primary language of many international buyers was Chinese (36 percent), 70 percent communicated in English, illustrating a highly educated international clientele.
    • International buyers typically spent five weeks looking for properties, compared to 10 weeks for traditional buyers.
    • Forty-four percent of international home buyers purchased homes with designer kitchens, 26 percent purchased homes with a wine cellar, and 9 percent purchased homes with a sauna. Other home amenities that international buyers wanted include private beach, putting green, heated floors, and outdoor kitchens.

    International Clients Survey slides (click to open):

    U.S. is top destination for international buyers
    Reasons for buying in the U.S.
    International cash buyers.
    Top California counties.
    Intended use of property.

    The International Clients Survey was conducted via email to a random sample of REALTORS® statewide who worked with international home buyers. Eligible respondents all closed escrow on their homes within the 12 months prior to October 2013. Access the full report on the survey findings here: http://www.car.org/marketdata/surveys/other/ and view the webinar presentation here: http://www.car.org/marketdata/videos.

    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.

    # # #


    Created: 10/20/2014 10:20:57 PM
  • For release:
    August 13, 2014

    Second quarter housing affordability declines statewide and in 19 of 26 California counties

    LOS ANGELES (Aug. 13) – Lower interest rates in the second quarter of 2014 failed to offset continued home price increases, lowering housing affordability statewide and in 19 of 26 counties in California, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) said today.

    The percentage of home buyers who could afford to purchase a median-priced, existing single-family home in California fell from 33 percent in the first quarter of 2014 to 30 percent in second-quarter 2014 and was down from 36 percent in second-quarter 2013, according to C.A.R.'s Traditional Housing Affordability Index (HAI).

    C.A.R.'s HAI measures the percentage of all households that can afford to purchase a median-priced, single-family home in California. C.A.R. also reports affordability indices for regions and select counties within the state. The Index is considered the most fundamental measure of housing well-being for home buyers in the state.

    Home buyers needed to earn a minimum annual income of $93,590 to qualify for the purchase of a $457,140 statewide median-priced, existing single-family home in the second quarter of 2014. The monthly payment, including taxes and insurance on a 30-year fixed-rate loan, would be $2,340, assuming a 20 percent down payment and an effective composite interest rate of 4.32 percent. The effective composite interest rate in first-quarter 2014 was 4.46 percent and 3.64 percent in the second quarter of 2012.

    The median home price was $416,720 in first-quarter 2014, and an annual income of $86,420 was needed to purchase a home at that price.

    Key points from the second quarter Housing Affordability report include:

    • During the second quarter of 2014, the three most affordable counties in California were Kings (64 percent), San Bernardino (58 percent), and Merced (57 percent).
    • The least affordable counties in California were San Francisco, San Mateo, and Marin (all at 14 percent).
    • Only Monterey County experienced an improvement in housing affordability from the previous quarter, largely due to a lower median home price. Housing affordability in San Mateo, Sonoma, San Luis Obispo, Santa Barbara, Fresno, and Kings counties was unchanged quarter to quarter.
    • Housing affordability has dropped 26 percent since first-quarter 2012, when housing peaked as the most affordable in California. • With home prices increasing at double-digit rates throughout 2013 and interest rates higher than levels observed in early 2013, both the monthly payment, including taxes and insurance (PITI), and minimum income required to purchase a home, shot up by more than 66 percent at the statewide level.
    • The monthly PITI and minimum income required to purchase a home compared to the affordability peak increased the most in Santa Barbara County, followed by Alameda and San Mateo counties.
    • The monthly PITI and minimum income required increased the least in Kings, San Luis Obispo, and Santa Cruz counties, when compared to the peak.
    • When compared to the peak, affordability in Monterey, Santa Barbara, Alameda, Solano, and Sacramento counties has declined the most.
    • The five counties that have declined the least since the peak are Kings, San Francisco, Contra Costa, San Luis Obispo, and Marin.

    Housing Affordability slides (click link to open):

    Affordability peak versus current*
    Annual income peak versus current*
    PITI peak versus current*

    *County data available by request

    See C.A.R.'s historical housing affordability data.
    See first-time buyer housing affordability data.

    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 more than 165,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.

    Created: 10/20/2014 10:20:57 PM
  • For release:
    October 6, 2014

    CALIFORNIA REALTOR® EXPO 2014 opens this week in Anaheim

    ANAHEIM, CALIF. (Oct. 6) – CALIFORNIA REALTOR® EXPO 2014, the state's largest real estate trade show, opens this week at the Anaheim Convention Center in Anaheim, Calif. Running Oct. 7-9, CALIFORNIA REALTOR® EXPO 2014 offers three full days of valuable and insightful seminars, various targeted bootcamps, and networking opportunities for California REALTORS®.

    Highlights of CALIFORNIA REALTOR® EXPO 2014 include:

    Tuesday, Oct. 7

    "Who wants to Be a Millionaire?"
    Get a glimpse inside the minds of top-ranking California agents as they share how they approach each day's work, motivation strategies, and their business philosophies. REALTORS® will walk away with applicable tips, renewed energy, and a little insight into their money-making mindsets. Featuring some of California's top producers, this insightful panel will be moderated by C.A.R. CEO Joel Singer.

    Tuesday Lunch: "Small Message, Big Impact: How to Build Your Persuasive Presentation"
    Terri Sjodin, author of the national bestselling book, "Small Message, Big Impact," will offer tips on building and delivering a more polished and effective sales presentation – one that is persuasive rather than just informative. REALTORS® will gain communication skills for greater impact with clients, including how to develop a more creative style and hot tips on visual aids, body language, closing and more.

    Exhibit Hall
    The exhibit hall for CALIFORNIA REALTOR® EXPO 2014 will open at 2 p.m., Oct. 7, providing attendees with an opportunity to meet with vendors and discover the hottest new trends and products for the real estate industry.

    Wednesday, Oct. 8

    "Long Story Short: A Detailed Look at Housing's Future"
    Step inside the minds of such top California economists as Richard Green, Christopher Thornberg, Joel Singer, and Selma Hepp to discuss what factors will most impact the future of California housing. Moderated by C.A.R. Vice President and Chief Economist Leslie Appleton- Young, the panel will cover timely issues such as demographics, housing finance, current infrastructure, and the state of both California and the nation's economy.

    Wednesday Lunch: "Leadership without Ego, with Capt. Chesley Sullenberger"
    Captain of the "Miracle on the Hudson," and author of New York Times bestseller "Highest Duty," Chesley "Sully" Sullenberger, shares his take on leadership after surviving and saving 155 lives during the famous "Miracle on the Hudson" plane landing.

    Thursday, Oct. 9

    "How Do They Do That"
    Discover how to use free and bargain technology tools that attendees didn't know existed to create professional quality graphics, make their offices run smoothly, and wow their clients. This high-energy session will give attendees dozens of tech tools that will leave them asking, "How DO they do that?" Presented by Beth Ziesenis, author of "Your Nerdy Best Friend."

    Thursday Lunch: "2015 Housing Market Forecast with Leslie Appleton-Young"
    C.A.R. Chief Economist Leslie Appleton-Young will share valuable information and insight about next year's California housing market, including projected home sales, median prices, housing affordability, and mortgage rates, and availability.

    Journalists who would like to attend CALIFORNIA REALTOR® EXPO 2014, please email lotusl@car.org or call (213) 739-8304. For more information on CALIFORNIA REALTOR® EXPO 2014, visit http://expo.car.org.

    Leading the way ...® in real estate news and information 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 more than 165,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.

    # # #

    Created: 10/20/2014 10:20:57 PM
  • C.A.R. launches new Center for California Real Estate and website

    LOS ANGELES (Sept. 30) – The CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) today announced the launch of its new Center for California Real Estate (CCRE), a new institute dedicated to intellectual engagement in the field of real estate.

    The Center and its activities represent C.A.R.'s ever-increasing role in shaping the future of the industry by advancing thought leadership, innovative policy solutions, and active dialogue with experts and industry stakeholders.

    A key component of the Center is the new CCRE website (http://centerforcaliforniarealestate.org), which serves as a valuable resource and repository of information on such topics as homeownership, urban planning, infrastructure, housing finance, American communities, demographics, affordable housing, economic insights, foreclosures, banking/financial crisis, and consumer research.

    The Center and its website will enhance C.A.R.'s brand as a leading real estate organization by featuring executive reports, whitepapers, briefs, roundtables, summits, forums, sponsored research, and the development of CCRE as a resource for industry news and relevant research from academics. The Center already has established partnerships with respected academic institutions in California, including UCLA's Ziman Center for Real Estate, USC's Lusk Center for Real Estate, UC Irvine's Center for Real Estate, Berkeley's Fisher Center for Real Estate and Urban Economics, UCLA's Anderson Forecast, and Stanford's Professionals in Real Estate (SPIRE).

    Additionally, executive reports created for C.A.R.'s Thought Leadership program and partner reports are available.

    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.

    Created: 10/20/2014 10:20:57 PM
  • Los Angeles Times: FHA is set to return to anti-house flipping restrictions
    By Kenneth Harney
    In an effort to stimulate repairs and sales in neighborhoods hard hit by the mortgage crisis and recession, the FHA waived its standard prohibition against financing short-term house flips. However, the FHA now is reverting to its more restrictive anti-quick-flip rules and will return to its 90-day standard effective Dec. 31.

    Housingwire: California foreclosures hit lowest level in eight years
    By Brena Swanson
    There was a total of 16,833 Notices of Default recorded at county recorders offices during the July-through-September period, a 3.9% drop from 17,524 for the prior quarter, down 17.1% from 20,314 in third-quarter 2013.

    DSnews: 87 percent of U.S. homes are occupied
    By Brian Honea
    About 87 percent of the 133 million total residential housing units in the U.S. in 2013 were reported to be occupied, according to the findings of the 2013 American Housing Survey (AHS) released earlier this week by the U.S. Department of Housing and Urban Development (HUD) and the U.S. Census Bureau.
    Todays_re_news

    Created: 10/20/2014 10:20:57 PM
  • FOR RELEASE:
    October 16, 2014

    LOS ANGELES – (Oct. 16) The CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) and leading real estate research centers at California's top universities will convene thought leaders from a variety of disciplines for a day-long conference to examine real estate's role in driving the state's economic future, as well as other issues beyond residential real estate.

    "The Real Estate Summit: Partnering for Change in California" is made possible by partnerships between C.A.R., UC Berkeley Fisher Center for Real Estate and Urban Economics, UC Irvine Center for Real Estate, UCLA Anderson Forecast, UCLA Ziman Center for Real Estate, USC Lusk Center for Real Estate, and Stanford Professionals in Real Estate.

    On Nov. 14, these preeminent institutions will join influential economists, policymakers and business leaders to dissect and suggest solutions to the state's biggest economic and real estate challenges, including infrastructure, foreign investment, consumer trends, housing finance, affordability, and business environment. Attendees of this exclusive, invitation-only event will be comprised of industry leaders from financial institutions, government agencies, academia, real estate, public policy, business, and investing.

    "California is the world's eighth largest economy and no single industry has a bigger impact on its future than real estate," C.A.R. Chief Executive Officer Joel Singer said. "This is a chance to set aside politics, business, and profits to address the common issues and opportunities that affect the prosperity of all Californians."

    The inaugural summit seeks to draw on the ideas, thoughts, and resources of top real estate leaders and economists to discuss four key subjects:

    • State of the State: Assessing the Effects of California's Infrastructure Challenges: Panelists examine California's population growth and deteriorating infrastructure -- notably its insufficient transportation corridors and water supply – and the significant challenges they pose to future housing markets.

    • The Impact of Foreign Investment on California's Economy: As foreign investors spend billions on California real estate, this discussion analyzes their impact on the overall housing market and state's economy.

    • Housing in the 21st Century: Changing Demographics and Consumer Trends: As shifting demographics re-shape how and where people live, panelists explore the impact of 21st century communities.

    • Solutions for a Recovering Market: Housing Affordability and Financing Homeownership: With home prices rising faster than both incomes and rent, the panel will evaluate how interest rates, access to capital, and price increases all present significant challenges to homeownership.

    Partner speakers include Kerry Vandell, UC Irvine, Director, Center for Real Estate; Richard Green, USC, Director, Lusk Center for Real Estate; Stuart Gabriel, UCLA, Director, Ziman Center for Real Estate; Ken Rosen, UC Berkeley, Chair, Fisher Center for Real Estate; and Ed Leamer, UCLA, Director, Anderson Forecast.

    Summit panelists include Bill Lockyer, California State Treasurer; Lisa Bates, California Dept. of Housing; David Crowe, National Assn. of Home Builders; Tim Quinn, Assn. of California Water Agencies; Dale Bonner, Plenary Concessions; David Stevens, Mortgage Bankers Assn.; Claudia Cappio, Dept. of Housing and Community Development and CalHFA; J. Walker Smith, Futures Company; Julia Gouw, East West Bank; Ken Rapoza, Forbes; Ruben Rojas; California Infrastructure and Economic Development Bank; Richard Johns, Structured Finance Group; Rick Davidson, Century 21; Ron Loveridge, UC Riverside; Perry Wong, Milken Institute; Elinor Ochs, UCLA; and Joel Singer, C.A.R.

    "Our complex economic challenges require creative solutions," Singer added. "The Real Estate Summit gathers the state's top minds and most influential leaders to help us better understand what the solutions will look like."

    The summit takes place 9:30 a.m. - 4 p.m. PST at the Hyatt Regency Century Plaza Hotel in Century City, Calif. For more information, visit: http://centerforcaliforniarealestate.org/events/summit.html

    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 nearly 165,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.

    Created: 10/20/2014 10:20:57 PM
  • For release:
    September 23, 2014

    California pending home sales retreat again in August; distressed market continues improvement

    LOS ANGELES (Sept. 23) – Diminished housing affordability continued to hold back pending home sales for the fifth straight month in August as rising home prices contributed to a further reduction in the share of distressed home sales, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) said today.

    Pending home sales data:

    • California pending home sales fell in August, with the Pending Home Sales Index (PHSI)* dropping 4.5 percent from 104.5 in July to 99.8 in August, based on signed contracts. The month-to-month drop was inconsistent with the seasonal trend, which typically shows a slight increase from July to August.

    • Pending sales were down 8.7 percent from the 109.3 index recorded in August 2013. The year-over-year decrease was in line with the six-month average of -8.9 percent recorded between February 2014 and July 2014. Pending home sales are forward-looking indicators of future home sales activity, providing information on the future direction of the market.

    Distressed housing market data:

    • The share of equity sales – or non-distressed property sales – improved further in August, increasing from 90.3 percent in July to 91 percent in August. Equity sales have been rising steadily since the beginning of this year. Equity sales have made up more than 80 percent of total sales for more than a year and have risen above 90 percent for two straight months. Equity sales made up 84.6 percent of sales in August 2013.

    • The combined share of all distressed property sales continued its decline in August, dropping from 9.7 percent in July to 9 percent in August. Distressed sales continued to be down nearly 50 percent from a year ago, when the share was 15.4 percent.

    • Twenty-two of the 41 reporting counties showed a month-to-month decrease in the share of distressed sales, with 19 of the counties recording in the single-digits, including Alameda, Contra Costa, Marin, Napa, Orange, San Mateo, Santa Clara, and Sonoma counties — all of which registered a share of five percent or less.

    • Of the distressed properties, the share of short sales fell to its lowest level since February 2008, falling to 4.6 percent in August, down from 5.3 percent in July. August's figure was less than half the 10.2 percent recorded in August 2013.

    • The share of REO sales fell in August to 4 percent, down from 4.1 percent in July and from 4.8 percent in August 2013.

    • August saw an increase in active listings across all property types, especially in short sale properties, which helped to improve housing supply conditions. The Unsold Inventory Index of equity sales edged up from 3.9 months in July to 4.1 months in August, and from 2.5 months in July to 2.8 months in August for REO sales. The supply of short sales rose from 5 months in July to 6 months in August.

    Charts (click links to open):

    Pending sales compared with closed sales.
    Historical trend in the share of equity sales compared with distressed sales.
    Closed housing sales in August by sales type (equity, distressed).
    Housing supply of REOs, short sales, and equity sales in August.
    A historical trend of REO, short sale, and equity sales housing supply.
    Year-to-year change in sales by property type.

    Share of Distressed Sales to Total Sales
    (Single-family)

    Type of Sale Aug-14 Jul-14 Aug-13
    Equity Sales 91.0% 90.3% 84.6%
    Total Distressed Sales 9.0% 9.7% 15.4%
    REOs 4.0% 4.1% 4.8%
    Short Sales 4.6% 5.3% 10.2%
    Other Distressed Sales (Not Specified) 0.3% 0.4% 0.4%
    All Sales 100.0% 100.0% 100.0%


    Single-family Distressed Home Sales by Select Counties
    (Percent of total sales)

    County Aug-14 Jul-14 Aug-13
    Alameda 3% 4% 7%
    Amador 10% 15% 25%
    Butte 7% 8% 13%
    Calaveras 8% 10% NA
    Contra Costa 3% 5% 6%
    El Dorado 9% 9% 14%
    Fresno 15% 17% 29%
    Glenn 19% 25% 28%
    Humboldt 10% 9% 14%
    Kern 10% 12% 21%
    Kings 15% 19% 30%
    Lake 29% 20% 34%
    Los Angeles 8% 9% 15%
    Madera 19% 9% 30%
    Marin 2% 2% 8%
    Mendocino 11% 14% 20%
    Merced 14% 9% 24%
    Monterey 10% 9% 25%
    Napa 5% 9% 16%
    Orange 5% 5% 9%
    Placer 7% 6% 15%
    Plumas 6% 5% NA
    Riverside 11% 13% 20%
    Sacramento 12% 12% 20%
    San Benito 7% 15% 24%
    San Bernardino 15% 15% 24%
    San Diego 6% 6% 5%
    San Joaquin 14% 14% 25%
    San Luis Obispo 8% 5% 11%
    San Mateo 1% 2% 3%
    Santa Clara 2% 3% 4%
    Santa Cruz 7% 7% 13%
    Shasta 14% 18% 20%
    Siskiyou 18% 11% 37%
    Solano 13% 10% 22%
    Sonoma 4% 5% 13%
    Stanislaus 12% 14% 22%
    Sutter 8% 14% 28%
    Tulare 19% 18% 28%
    Yolo 6% 14% 11%
    Yuba 13% 25% 18%
    California 9% 10% 15%


    NA = not available


    *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.

    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.
    # # #


    Created: 10/20/2014 10:20:57 PM
  • AB 2416 Killed in the Senate
    Big Win for REALTORS®


    C.A.R. has been OPPOSING AB 2416 (Stone), a bill that creates a new kind of lien for wage claim disputes. C.A.R. opposed AB 2416 because it denies due process to the owner of the property, and unnecessarily clouds title. AB 2416 failed in the Senate Thursday on a bi-partisan vote, but was eligible to for another vote on Friday, the last day the Legislature was in session this year. AB 2416 required 21 Yes votes to pass the Senate. It only received 13. The proponents were unable to muster enough votes to bring the bill up on Friday, and the bill died as the legislative session ended.

    REALTOR® activism played a critical role in defeating what was a very bad piece of legislation. While C.A.R. worked as part of a coalition to oppose the bill, it was the thousands of REALTOR® calls, Tweets and Facebook updates that made the difference.

    Thank you to everyone who responded to the Red Alert!

    The following senators voted NO or did not vote (essentially the same thing as a NO vote). If you live in one of these senator's districts, please look for an email from C.A.R. so you can send them a thank you message. For many of them, this was a courageous vote:

    Anderson (R-San Diego)
    Beall (D-San Jose)
    Berryhill (R-Modesto)
    Block (D-San Diego)
    Cannella (R-Modesto)
    Correa (D-Santa Ana)
    Fuller (R-Bakersfield)
    Gains (R-El Dorado Hills)
    Galigiani (D-Stockton)
    Hill (D-San Mateo)
    Huff (R-Brea)
    Knight (R-Lancaster)
    Lieu (D-Redondo Beach)
    Liu (D-Glendale)
    Morrell (R-Redlands)
    Nielsen (R-Roseville)
    Padilla (D-Van Nuys)
    Pavley (D-Calabasas)
    Roth (D-Riverside)
    Torres (D-Chino)
    Vidak (R-Bakersfield)
    Walters (R-Irvine)
    Wolk (D-Vacaville)
    Wyland (R-San Juan Capistrano)

    Created: 10/20/2014 10:20:57 PM
  • For release:
    August 20, 2014

    Housing recovery pushes investors into more remote areas to find deals, with more looking to flip properties, C.A.R. survey finds

    LOS ANGELES (Aug. 20) – Given the depletion of distressed homes on the market, investors are changing their strategy and are moving away from purchasing homes in more popular, urban areas in favor of more rural areas of the state where better deals can be found, according to a CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) investor survey.

    In 2014, nearly half (45 percent) of investors said they purchased properties in such counties as Sacramento, San Joaquin, Fresno, Kern, Merced, and Tulare, up from 27 percent in 2013, C.A.R.'s "2014 Investor Survey" found. Fifteen percent of investors purchased properties in Northern California in 2014, down from 27 percent in 2013, and 40 percent purchased properties in Southern California in 2014, down from 50 percent last year.

    Additionally, with home prices on the rise, more investors are flipping properties instead of renting them. In 2014, 28 percent of investors flipped the property, up from 20 percent last year. Fifty-eight percent of investors rented their properties in 2014, down from 73 percent in 2013.

    More than eight out of 10 investors (83 percent) own other investment properties, with 7 percent owning more than 10 properties, 17 percent owning 6-10 properties, 47 percent owning 2-5 properties, and 12 percent owning one other property.

    Among the reasons investors cited for buying now include profit potential (cited by 58 percent), good price (43 percent), location (26 percent), personal (21 percent), and low interest rates (14 percent).

    The median sales price of an investment property in 2014 was $320,000, up 9.6 percent from $292,000 in 2013, reflecting increasing home prices and fewer available distressed properties over the past year.

    Additional findings from C.A.R.'s "2014 Investor Survey" include:

    • Reflecting the recovering housing market, the majority of investment properties purchased (70 percent) were equity sales, while 18 percent were short sales, and 12 percent were foreclosures.
    • More than two-thirds (67 percent) of investors paid cash
    • One-third of investors were foreign investors, with China, Mexico, Taiwan, and India being the top countries of origin.
    • While most investors made minor or no repairs to the properties, the percentage of those who did major remodeling nearly doubled from 9 percent in 2013 to 17 percent this year.
    • Investors spent more on remodeling costs in 2014, putting a median of $15,000 into the investment property, up 50 percent from $10,000 in 2013.
    • Investors own an average of 8.3 properties in 2014, up from 6.5 properties last year.
    • More than half of investors (55 percent) intend to keep the property less than six years.

    California Investor Survey Slides (click links to open):

    More investors are buying in remote areas
    Median price of investment properties
    Two-thirds of investors paid cash
    Intended use of property
    Top five reasons for buying

    C.A.R.'s "2014 California Investor Survey" was conducted in May 2014 in an effort to learn more about the role of investors in the California housing market. The survey was emailed to a random sample of REALTORS® throughout California who had worked with investors within the 12 months prior to May 2014.

    For complete survey results, visit 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.


    Created: 10/20/2014 10:20:57 PM
  • For release:
    September 16, 2014

    Low interest rates fail to spark August home sales; home prices continue to increase despite improving housing inventory

    LOS ANGELES (Sept. 16) – California home sales pulled back in August, reversing two months of increases, as the median home price rose from the previous month and year, 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 394,280 units in August, according to information collected by C.A.R. from more than 90 local REALTOR® associations and MLSs statewide. August marked the 10th straight month that sales were below the 400,000 level and the 13th straight month that sales have declined on a year-over-year basis. Sales in August decreased 1.2 percent from 398,940 in July and were down 9.3 percent from 434,910 in August 2013. The August 2014 sales level was the second highest for the year so far. The statewide sales figure represents what would be the total number of homes sold during 2014 if sales maintained the August pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.

    "With more homeowners in a position to list their homes for sale following rising home prices, housing supply is improving across all price ranges as would-be sellers may be seeing this as an opportunity to list their homes for sale," said C.A.R. President Kevin Brown. "While lower-than-expected interest rates are allowing more room for home prices to grow, the appreciation is also creating a housing affordability challenge for prospective home buyers and hindering them from taking advantage of the low rates."

    The median price of an existing, single-family detached California home rose 3.3 percent from July's median price of $464,750 to $480,280 in August and up 8.9 percent from the revised $441,010 recorded in August 2013. The August 2014 price was the highest observed since 2007. The statewide median home price has increased year over year for the previous 30 months, marking more than two full years of consecutive year-over-year price increases. 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.

    "California's housing market continues to be bifurcated both geographically and demographically, with the San Francisco Bay Area and high-end housing markets outperforming other regions and market segments," said C.A.R. Vice President and Chief Economist Leslie Appleton-Young. "A strong job market and barriers to building new housing are creating an imbalance between supply and demand in some housing markets. Buyers who are not impacted by affordability issues are fueling sales in the high-end market, which is putting upward pressure on home prices."

    Other key facts from C.A.R.'s August 2014 resale housing report include:

    • Housing inventory inched up higher in August, with the available supply of existing, single-family detached homes for sale increasing from 3.8 months in August to 4 months in August. The index was a revised 3 months in August 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 lengthened in August, up from 35.7 days in July to 39.2 days in August and up from a revised 29.3 days in August 2013.

    • Mortgage rates were down for the second straight month in August, with the 30-year, fixed-mortgage interest rate averaging 4.12 percent, down from 4.13 percent in July and down from 4.46 percent in August 2013, according to Freddie Mac. Adjustable-mortgage interest rates in August were also down, averaging 2.37 percent, down from 2.39 percent in July and down from 2.65 percent in August 2013.

    Graphics (click links to open):

    • August 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 August 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.

    # # #

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

    August-14 Median Sold Price of Existing Single-Family Homes Sales
    State/Region/County Aug-14 Jul-14 Aug-13 MTM% Chg YTY% Chg MTM% Chg YTY% Chg
    CA SFH (SAAR) $480,280 $464,750 $441,010 r 3.3% 8.9% -1.2% -9.3%
    CA Condo/Townhomes $379,580 $376,080 $343,080 r 0.9% 10.6% -8.8% -15.6%
    Los Angeles Metro Area $434,550 $421,050 $395,900 r 3.2% 9.8% -4.8% -12.1%
    Inland Empire $275,240 $275,990 $245,330 -0.3% 12.2% -9.1% -15.6%
    S.F. Bay Area $742,900 $760,430 $694,850 r -2.3% 6.9% -10.6% -7.6%
    S.F. Bay Area
    Alameda $732,220 $722,620 $654,060 1.3% 11.9% -9.1% -5.6%
    Contra-Costa (Central Cty.) $750,000 $792,240 $703,240 r -5.3% 6.6% -7.6% 3.9%
    Marin $977,460 $1,029,760 $987,740 -5.1% -1.0% -1.4% -7.4%
    Napa $541,670 $650,000 $565,970 -16.7% -4.3% -27.7% -30.8%
    San Francisco $900,910 $940,620 $871,480 -4.2% 3.4% -8.5% -10.0%
    San Mateo $1,000,000 $1,117,500 r $988,440 r -10.5% 1.2% -11.3% -3.8%
    Santa Clara $865,000 $860,750 r $808,100 r 0.5% 7.0% -13.2% -12.5%
    Solano $328,280 $335,870 $295,890 -2.3% 10.9% -11.1% -3.1%
    Sonoma $484,640 $510,110 $453,790 -5.0% 6.8% -12.1% -13.3%
    Southern California
    Los Angeles $474,640 $461,290 $444,950 2.9% 6.7% -5.4% -12.5%
    Orange County $699,430 $695,270 $664,580 0.6% 5.2% 2.8% -6.6%
    Riverside County $318,640 $319,960 $290,030 -0.4% 9.9% -7.9% -13.0%
    San Bernardino $209,200 $216,570 $183,240 -3.4% 14.2% -11.0% -19.5%
    San Diego $510,860 $523,070 $482,470 -2.3% 5.9% -2.4% -18.5%
    Ventura $602,060 $585,830 $555,560 2.8% 8.4% 1.9% -5.8%
    Central Coast
    Monterey $492,500 $445,000 $407,000 10.7% 21.0% -4.4% -3.9%
    San Luis Obispo $475,000 $490,540 $477,420 -3.2% -0.5% -2.6% -7.4%
    Santa Barbara $806,030 $685,480 $625,000 17.6% 29.0% 0.5% -23.5%
    Santa Cruz $657,600 $725,000 $629,000 -9.3% 4.5% -5.1% -7.0%
    Central Valley
    Fresno $203,760 $201,530 $184,000 1.1% 10.7% -6.1% -14.1%
    Glenn $170,000 $145,000 $135,000 17.2% 25.9% 0.0% -11.1%
    Kern (Bakersfield) $210,900 $210,160 $199,950 r 0.4% 5.5% -0.9% 4.3%
    Kings County $183,330 $175,450 $184,000 4.5% -0.4% 4.3% -16.3%
    Madera $166,670 $211,110 $170,000 -21.1% -2.0% -27.3% -56.8%
    Merced $186,670 $173,640 $155,880 7.5% 19.8% -25.2% -2.8%
    Placer County $388,720 $381,040 $361,830 2.0% 7.4% -7.4% 3.3%
    Sacramento $272,750 $276,190 $257,660 -1.2% 5.9% -7.6% -10.5%
    San Benito $415,000 $415,000 $387,000 0.0% 7.2% -12.8% -18.0%
    San Joaquin $265,060 $259,900 $231,390 2.0% 14.6% -4.8% -14.7%
    Stanislaus $232,240 $230,040 $203,120 1.0% 14.3% -2.6% -15.1%
    Tulare $184,440 $174,670 $158,460 5.6% 16.4% -8.2% 6.0%
    Other Counties in California
    Amador $211,110 $247,500 $213,890 r -14.7% -1.3% 7.7% -20.8%
    Butte County $255,000 $276,140 $281,820 -7.7% -9.5% -6.5% 4.8%
    Calaveras $224,000 $239,500 $220,000 -6.5% 1.8% -13.0% -22.3%
    Del Norte $156,200 $165,000 $100,000 -5.3% 56.2% 26.3% 60.0%
    El Dorado County $391,670 $385,160 $355,840 1.7% 10.1% 11.0% -5.3%
    Humboldt $255,260 $247,000 $247,220 3.3% 3.3% -11.7% -13.3%
    Lake County $178,330 $174,540 $153,330 2.2% 16.3% -3.8% -12.5%
    Tuolumne $214,710 $238,160 $215,280 -9.8% -0.3% 3.9% 9.6%
    Mendocino $291,670 $300,000 $276,670 -2.8% 5.4% -13.0% -41.2%
    Nevada $338,500 $308,500 $339,500 9.7% -0.3% 1.0% -1.9%
    Plumas $272,000 $217,500 NA 25.1% NA 136.4% NA
    Shasta $212,190 $216,460 $202,080 r -2.0% 5.0% -12.9% -23.4%
    Siskiyou County $127,500 $160,000 $140,000 -20.3% -8.9% 28.9% 6.5%
    Sutter $217,750 $220,000 $202,000 -1.0% 7.8% -16.2% -17.3%
    Tehama $156,000 $165,000 $146,670 -5.5% 6.4% -40.0% -29.4%
    Yolo $396,550 $340,540 $320,310 16.4% 23.8% -12.2% -16.1%
    Yuba $200,000 $183,500 $186,000 9.0% 7.5% -1.4% -11.5%

    r = revised
    NA = not available

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


    August-14 Unsold Inventory Index Median Time on Market
    State/Region/County Aug-14 Jul-14 Aug-13 Aug-14 Jul-14 Aug-13
    CA SFH (SAAR) 4.0 3.8 3.0 r 39.2 35.7 29.3 r
    CA Condo/Townhomes 3.5 3.3 2.6 38.0 36.3 28.8 r
    Los Angeles Metro Area 4.3 4.1 3.1 48.4 45.8 36.7
    Inland Empire 4.8 4.3 3.1 50.0 48.9 34.4 r
    S.F. Bay Area 2.6 2.4 2.3 r 37.6 36.0 36.5 r
    S.F. Bay Area
    Alameda 2.2 2.1 2.1 47.3 48.1 48.7
    Contra-Costa (Central Cty.) 2.4 2.3 1.9 r 50.2 50.1 50.0 r
    Marin 2.8 2.7 3.0 40.1 37.3 40.6
    Napa 6.7 4.8 2.0 52.8 54.0 57.3
    San Francisco 2.9 2.7 2.8 23.5 23.3 25.4
    San Mateo 1.9 1.7 2.1 20.8 19.0 19.7
    Santa Clara 2.2 1.9 2.1 20.3 19.2 19.0
    Solano 3.4 2.9 2.7 42.1 37.5 32.1
    Sonoma 3.4 3.0 2.9 45.2 45.0 46.8
    Southern California
    Los Angeles 4.0 3.8 2.9 43.0 39.8 31.1
    Orange County 4.0 4.2 3.3 55.0 53.1 46.3
    Riverside County 4.8 4.4 3.2 55.2 52.8 36.6
    San Bernardino 4.9 4.3 3.0 38.2 42.5 29.8
    San Diego 4.5 4.4 3.4 25.7 24.7 24.4
    Ventura 4.1 3.8 3.2 56.8 49.3 46.9
    Central Coast
    Monterey 4.4 4.2 4.0 29.2 27.9 23.5
    San Luis Obispo 5.0 5.0 4.4 40.6 28.2 26.7
    Santa Barbara 4.7 4.7 3.5 42.8 36.8 38.4 r
    Santa Cruz 3.2 3.1 3.2 23.4 24.1 24.8
    Central Valley
    Fresno 5.2 4.8 3.7 27.8 27.9 23.1
    Glenn 5.5 6.4 4.7 50.3 50.3 40.7
    Kern (Bakersfield) 3.0 3.0 2.4 r 23.0 20.0 16.0 r
    Kings County 4.0 3.8 2.9 50.3 39.9 50.3
    Madera 6.9 4.8 2.4 26.8 50.3 25.4
    Merced 4.6 3.3 2.9 27.5 29.8 24.2
    Placer County 3.8 3.6 3.1 27.4 25.5 20.8
    Sacramento 3.4 3.2 2.7 23.5 22.0 19.7
    San Benito 4.1 3.6 2.8 23.9 26.2 22.3
    San Joaquin 3.7 3.3 2.8 24.1 23.2 19.5
    Stanislaus 3.4 3.2 2.4 24.5 22.6 19.6
    Tulare 4.5 4.1 4.1 37.0 42.0 23.3 r
    Other Counties in California
    Amador 5.6 6.2 3.9 61.0 52.8 53.8
    Butte County 4.4 4.2 4.2 27.5 29.0 25.6
    Calaveras 8.4 6.9 5.2 42.0 39.0 53.0
    Del Norte 7.4 9.6 13.1 129.0 116.0 107.0
    El Dorado County 4.9 5.4 4.1 36.7 33.0 36.2
    Humboldt 7.0 5.9 5.3 32.7 44.0 27.9
    Lake County 6.4 6.3 4.9 103.3 57.2 91.0
    Tuolumne 6.5 6.7 6.3 49.1 33.2 57.8
    Mendocino 9.5 8.7 5.6 102.6 61.0 87.1
    Nevada 6.5 6.8 NA 34.0 34.0 21.5
    Plumas 9.5 23.4 NA 112.0 71.0 NA
    Shasta 6.6 5.5 4.0 r 28.3 45.5 28.1 r
    Siskiyou County 9.1 11.4 9.1 64.6 53.4 71.2
    Sutter 5.0 3.9 2.4 20.0 38.0 11.0
    Tehama 10.2 6.0 6.3 54.2 66.8 41.4 r
    Yolo 3.5 3.0 2.7 24.3 19.8 18.8
    Yuba 3.8 3.9 2.6 19.0 26.0 10.5

    r = revised
    NA = not available

    Created: 10/20/2014 10:20:57 PM
  • For release:
    September 4, 2014

    C.A.R. to recognize two California REALTORS® as "Champions of Home" for exemplary service

    LOS ANGELES (Sept. 4) – The CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) will honor two REALTORS® as "Champions of Home," a California REALTOR® who has changed their clients' lives for the better, raised the standards for others, and led by example. In its second year, the award honors REALTORS® who have gone to great lengths on behalf of their clients and who practice business with the highest ethics and morals.

    The 2014 Champions of Home Award winners are Reeza Gervacio of Century 21 Astro in Cerritos, Calif., and Lois Gerace of RE/MAX Olson and Associates in Woodland Hills, Calif. These two REALTORS® repeatedly have gone above and beyond in service to their clients and have shown care and compassion in making sure their clients' dreams of owning a home became a reality. The winners will receive the honors during a luncheon on Wednesday, Oct. 8, during C.A.R.'s CALIFORNIA REALTOR® EXPO 2014 to be held in Anaheim, Calif.

    "Reeza Gervacio and Lois Gerace are exemplary REALTORS® who push themselves and consistently set higher standards by showing extreme diligence and persistence in serving their clients," said C.A.R. President Kevin Brown. "They rise above the rest and set an example to others for their dedication and passion, and I'm proud to recognize them as our 2014 Champions of Home."

    Reeza Gervacio, Century 21 Astro, Cerritos, Calif.
    COHA2014_ReezaGervacioIn one of many examples, Reeza served as a salesperson/confidante for one couple who hired her to short sell their home. The husband's health was failing, and the wife's business had been suffering due to the prolonged economic recession. Impressed by Reeza's professionalism and attention to detail, they enlisted her help. When the couple had to leave the country for four months so the husband could receive medical treatment, Reeza stepped in and took the reins. Not only did she look after and sell their property to an all-cash buyer, she helped the couple find a rental property after escrow, convincing an apprehensive broker and listing agent to accept the couple's application even though their financial history wasn't stellar.

    A 16-year REALTOR®, Reeza also cares about her profession and the community in which she works. She donates her time to local school career days to talk with young children about the profession she loves. In addition to her sales duties, Reeza also helps train agents in her office in farming, client communications, sphere of influence, and how to expand visibility.

    Giving back to those less fortunate also is important to Reeza. Last year, after typhoon Haiyan devastated the Philippines, she canceled her vacation to travel to her home country to help with relief operations for the survivors of the natural disaster.

    Lois Gerace, RE/MAX Olson and Associates, Woodland Hills, Calif.
    COHA2014_LoisGeraceLois Gerace is a 29-year seasoned professional who knows her industry well. According to her peers, she sets standards for other agents with her knowledge and expertise in the business. While she works tirelessly on behalf of her clients, she believes her ability to connect with her clients and gain their trust is the key to her success.

    Lois looks out for her clients even after escrow has closed. When she heard one couple was experiencing financial hardship and on the brink of losing their home of 35 years, Lois resurfaced and insisted on helping. She found the couple an attorney, helped put their paperwork in order, and assisted them in attaining a loan modification – never charging for her services.

    She sometimes works late into the night to get an escrow closed on time, such as the time when one client ran into challenges during the three-week 2013 government shutdown. Whether she's working to make sure a loan closes on time or using her design skills to help clients stage their homes or settle into their new residences, Lois always gives 110 percent. Some clients have even made her a part of their family.

    CALIFORNIA REALTOR® EXPO 2014, the state's largest real estate trade show, will be held Oct. 7-9 at the Anaheim Convention Center. EXPO 2014 offers three full days of valuable and insightful seminars, various targeted bootcamps, and networking opportunities for California REALTORS®.

    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 more than 155,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.

    Created: 10/20/2014 10:20:57 PM