Updated: Nov 3, 2017

According to Andrew Khouri of the LA Times, California Real Estate has seen an increase in median home price of 7.5% in value between 2016 and 2017 thus far.

Andrew Khouri of the LA Times, has recently written an article perfectly capturing the strength of the housing market in California. Andrew states that "in Los Angeles County, the median price in June (2017) jumped 7.4% from a year earlier to $569,000, surpassing the previous record set in May. In Orange County, the median was up 6.1% from 2016 and tied a record reached the previous month at $695,000."

The surge in housing prices is not expected to slow down according to Khouri's report. According to his research, a 5% annual increase may continue for the foreseeable future. The median home price increase in California can partially be attributed to the shortage of supply in the market given the increasing demand for homes.

“ The situation in California — which many agree has reached crisis levels — can largely be blamed on a mismatch of supply and demand, according to economists. For decades, they say, developers in California have failed to build enough homes for all the people who live — and want to live — in the state. ”

For more details on the report please visit the link below:


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Updated: Nov 24, 2017

In a recent report by REDFIN, North Orange County Real Estate continues to steadily increase in value and demand. In their October 2017 report, Redfin presents the data for North Orange County Single Family Home Sales. Their findings, further support Coast & City LLC's positive outlook on the market. According to the findings, 332 single family homes were sold in North O.C in October 2017. The median sale price was up to $758,000, with the average sale price coming in at 98% of asking price. The strength of the market is further highlighted by the fact that the homes which sold only sat on the market for an average of 11 days.

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Updated: Dec 21, 2017

U.S. Existing Home Sales Jump 5.6% in November, Hitting 11-year High

"The National Association of Realtors said on Wednesday that existing home sales surged 5.6 percent to a seasonally adjusted annual rate of 5.81 million units last month amid continued recovery in areas in the South ravaged by Hurricanes Harvey and Irma. That was the highest level since December 2006 and followed an upwardly revised 5.50 million-unit pace in October.

Economists polled by Reuters had forecast home sales rising 0.9 percent to a 5.52 million-unit rate in November from a previously reported 5.48 million-unit pace in October.

Existing home sales make up about 90 percent of U.S. home sales. They rose 3.8 percent on a year-on-year basis in November."

“ With supply still tight, the median house price increased 5.8 percent from a year ago to $248,000 in November. That was the 69th consecutive month of year-on-year price gains. In contrast, annual wage growth has struggled to break above 2.9 percent since the 2007/09 recession ended.”

"Despite the recent gains, existing home sales remain constrained by a chronic shortage of houses at the lower end of the market, which is keeping prices elevated and sidelining some first-time buyers, who accounted for 29 percent of transactions last month.

Economists and realtors say a 40 percent share of first-time buyers is needed for a robust housing market.

The number of previously owned homes on the market dropped 7.2 percent to 1.67 million units in November. That was the second lowest reading since 1999. Housing inventory has dropped for 30 straight months on a year-on-year basis."

Find the full article here https://www.cnbc.com/2017/12/20/november-us-existing-home-sales.html

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