Malibu California Real Estate: NAR Releases May 2009 Real Estate Statistics
Sales of existing homes showed another gain in May, benefiting from favorable affordability conditions (including low rates!) and a first-time buyer tax credit. The increase was the first back-to-back monthly gain since September 2005. Existing-home sales – including single-family, townhomes, condominiums etc. – rose 2.4% to a seasonally adjusted annual rate of 4.77 million units last month. Single-family home sales alone (which make up a large bulk of sales) rose 1.9% to a seasonally adjusted annual rate of 4.25 million in May from a pace of 4.17 million in April.
Total housing inventory at the end of May fell 3.5% to 3.80 million existing homes available for sale, which represents a 9.6-month supply at the current sales pace, down from a 10.1-month supply in April.
Here in the western side of the country, existing-home sales are 11.8 percent higher than May 2008 - definitely exciting news!
That said, there is a small issue addressed by Lawrence Yun “However, the increase in sales is less than expected because poor appraisals are stalling transactions. Pending home sales indicated much stronger activity, but some contracts are falling through from faulty valuations that keep buyers from getting a loan.”
According to Freddie Mac (FHLMC), the national average rate for a 30-year, conventional, fixed-rate mortgage edged up to 4.86% in May from a record low 4.81% in April. However compared to last year these rates are around 2% lower!
So there you have it, more news that the market is definitely on the turn around here in Southern California.
If you are interested in purchasing a property or selling a property in Malibu, Pacific Palisades or the surrounding Beverly Hills/southern California area then please contact Judy Kunisaki for professional real estate advice in the Westside Los Angeles area, on 310-317-8396 or via her online contact form on her website.
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July 1st, 2009 at 8:32 am
[...] The results are mixed as at present Malibu is on track for likely less than 100 sales this year and inventory is standing at around 270 homes. [...]
August 2nd, 2009 at 10:10 pm
[...] sales increased 3.6% to a seasonally adjusted annual rate of 4.89 million units in June. Total housing inventory at the end of June fell 0.7% to 3.82 million existing homes available for sale, which represents a 9.4-month supply at the [...]