California home prices hit highest level in five years

Driven by strong sales in high-end coastal areas and shrinking inventory, California's median home price hit its highest level in March since May 2008, according to the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.). Making sense of the story -Closed escrow sales of existing, single-family detached homes in California totaled a revised seasonally adjusted annualized rate of 417,520, according to information collected by C.A.R. from more than 90 local REALTOR® associations and MLSs statewide. -March closings were up a slight 0.1 percent from a revised 417,310 in February but down 4.9 percent from a revised 439,260 in March 2012. The statewide sales figure represents what would be the total number of homes sold during 2013 if sales maintained the March pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales. -The statewide median price of an existing, single-family detached home climbed 13.7 percent from February’s $333,380 median price to $378,960 in March, reversing a two-month decline. -The month-to-month increase was the highest since C.A.R. began tracking this statistic in 1979. The March price was up 28.2 percent from a revised $295,630 recorded in March 2012, marking the 13th consecutive month of annual price increases and the ninth consecutive month of double-digit annual gains. -The available supply of homes for sale fell significantly in March, falling to a 2.9-month supply, as measured by C.A.R.’s Unsold Inventory Index. The March Unsold Inventory Index for existing, single-family detached homes was down from 3.6 months in February and down from 4.2 months in March 2012. 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 normal. Read the full story from The World Property Channel

Record-low inventories, steady list prices indicate top markets for buyers, sellers

Realtor.com recently released its January data on the U.S. housing market showing that listing inventories decreased 16.47 percent year-over-year; median age of inventory was at 108 days, a 9.24 percent decrease year-over-year; and median list prices are slightly higher increasing .80 percent year-over year to $187,000. The findings indicate opportunities in local markets for both buyers and sellers. With inventories at record lows and list prices increasing, Realtor.com®'s 2013 Best Sellers Markets are Sacramento, Calif.; San Jose, Calif.; San Francisco, Calif.; Phoenix; and Washington, D.C. For consumers looking for a competitive edge heading into the busy spring buying season, Realtor.com®'s Top Buyers Markets are Asheville, N.C.; Peoria, Ill.; Charleston, W. Va.; Philadelphia, Pa.; and Cleveland, Ohio. In January, the total number of single-family homes, condos, townhomes and co-ops for sale in the U.S. decreased by 16.47 percent from one year ago, dropping to its lowest point since January 2007, when Realtor.com® began collecting this data. Click the title for a link to the full article from News.Move.com

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Cash buyers, investment uptick boost California median home price

California home sales and prices both posted gains in December, with the median price posting strong double-digit gains for six straight months, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) reported. Making sense of the story: *Sales in December were up 0.8 percent from a revised 518,460 in November and up 0.9 percent from a revised 517,730 in December 2011. The statewide sales figure represents what would be the total number of homes sold during 2012 if sales maintained the December pace throughout the year. *The statewide median price of an existing, single-family detached home climbed 5 percent from November’s $349,300 median price to $366,930 in December. *December’s price was up 27 percent from a revised $288,950 recorded in December 2011, marking the tenth consecutive month of annual price increases and the sixth consecutive month of double-digit annual gains. *The substantial increase in price was due in large part to a significant increase of higher-priced properties, while inventory constraints continued to constrict sales of lower-priced homes. Price increases are not expected to continue at a high pace into 2013. *California’s housing inventory was further constrained in December, with the Unsold Inventory Index for existing, single-family detached homes dropping to 2.6 months, down from 3.1 months in November and a revised 4.3 months in December 2011. 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 normal. *The median number of days it took to sell a single-family home edged up to 38.1 days in December 2012 from 37.5 days in November but was down from 58.7 days for the same period a year ago. Click on the Title above to read the full story from Los Angeles Daily News.

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NAR issues Call for Action on mortgage debt forgiveness

NAR has issued a nationwide Call-for-Action, urging members to contact their Members of Congress in support of extending the current Mortgage Debt Forgiveness Tax Relief law. If the law is allowed to expire, homeowners who negotiate a short sale or lose their homes through foreclosure would have to pay federal taxes on the amount forgiven by their lender. Congress will go back into session following this week's elections and it's essential that they extend this law before the end of the year.

Once the federal law has been extended, C.A.R. will advance legislation to have the state law conform and provide the same relief from state income taxes.

Please respond to this very important Call-for-Action today.