The California Association has reported that California’s housing market displayed a glimmer of recovery during October as pending sales increased for the sixth consecutive month.
The number of open escrows, a measure of future sales activity, jumped 11 percent in October from a year earlier and rose 3 percent from September.
It appears that home sales are likely to be up in the next couple of months. The report states that they are not anticipating a decline in sales but they’re not looking for any sort of a dramatic increase.
Home sales statewide this year should be in the 490,000 range and California is grinding through sales at a pretty decent clip.
The association’s report came on the same day that the National Association of Realtors reported an annualized sales rate of 4.97 million homes in October, up 1.4 percent from September and 13.5 percent from a year ago.
Sales in the west rose 4 percent to an annual pace of 1.19 million in October, which is 15.5 percent higher than a year earlier.
It was also reported that sales in California increased 8.5 percent from a year earlier and rose 1 percent from September to an annualized rate of 493,240 properties.
It was also noted that the conforming loan limit just went back up to $729,500, which could stimulate activity at the higher end of the market.
Another good sign is that some lenders are moving quicker in approving short sale transactions.
Sales of distressed properties also appear to be stabilizing, according to the association.
Last month, foreclosed or abandoned properties accounted for 44.8 percent of sales, up from 44.5 percent in September but down from 46.1percent a year earlier.
San Jose, 95125 Summary
The median sales price for homes in ZIP code 95125 for Aug 11 to Oct 11 was $625,000. This represents a decline of 0.7%, or $4,500, compared to the prior quarter and a decrease of 3% compared to the prior year. Sales prices have depreciated 15.4% over the last 5 years in 95125, San Jose. The median sales price of $625,000 for 95125 is 58.23% higher than the median sales price for San Jose CA. Average listing price for homes on Trulia in ZIP code 95125 was $757,083 for the week ending Nov 09, which represents a decline of 1%, or $8,002 compared to the prior week and a decline of 2.7%, or $21,263, compared to the week ending Oct 19. Average price per square foot for homes in 95125 was $387 in the most recent quarter, which is 32.53% higher than the average price per square foot for homes in San Jose.
