California housing market bounces back in May as sales and median home price perk higher

California housing market bounces back in May as sales and median home price perk higher

– Existing, single-family home sales totaled 430,060 in May on a seasonally adjusted annualized rate, up 5.4 percent from April and 2.6 percent from May 2016.

– May’s statewide median home price was $550,200, up 2.3 percent from April and up 5.8 percent from May 2016.

– At the regional level, the San Francisco Bay Area, Inland Empire, and Los Angeles metro area all registered year-to-year sales increases of 4.9 percent, 9 percent, and 6.9 percent, respectively.

LOS ANGELES (June 20) – California’s housing market rebounded in May as existing home sales and median home price recorded strong gains on both a monthly and annual basis, a trend in every major region of the state, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) said today.
Closed escrow sales of existing, single-family detached homes in California remained above the 400,000 benchmark for the 14th consecutive month and totaled a seasonally adjusted annualized rate of 430,060 units in May, according to information collected by C.A.R. from more than 90 local REALTOR® associations and MLSs statewide. The statewide sales figure represents what would be the total number of homes sold during 2017 if sales maintained the May pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales. The May figure was up 5.4 percent from the revised 408,030 level in April and up 2.6 percent compared with home sales in May 2016 of a revised 419,000.

“Mortgage rates dropping to the lowest level since November could have been a motivating factor for the sales increase in May,” said C.A.R. President Geoff McIntosh. “The low interest rate environment, however, may not last long as the Federal Reserve’s gradual rate hike and plan to reduce its balance sheet will likely lead to higher rates, and could change the momentum of the market.”

The statewide median price stayed above the $500,000 mark for the third straight month and reached the highest level since August 2007. The median price was up 2.3 percent from a revised $537,920 in April to reach $550,200 in May, and was 5.8 percent higher than the revised $519,930 recorded in May 2016. 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.

“Despite a solid performance thus far in the spring housing market, the continued mismatch between buyers and available homes for sale that’s driving up home prices remains an issue,” said C.A.R. Senior Vice President and Chief Economist Leslie Appleton-Young. “Stubbornly low supply levels will continue to propel prices higher and, when combined with imminently higher interest rates, will worsen an already dismal affordability issue in the housing market.”

Other key points from C.A.R.’s May 2017 resale housing report include:

• The May sales increase was wide reaching as every major region in the state posted an increase over the previous year. The Inland Empire experienced the largest sales gain with a 9 percent increase in existing home sales from last May, followed by an increase of 6.9 percent in the Los Angeles Metro Area, and a 4.9 percent rise in the San Francisco Bay Area.

• New statewide active listings declined for the 23rd month in May, falling 12.4 percent from a year ago.

• The increase in sales, coupled with the double-digit decline in active listings, worsened May’s housing inventory outlook. C.A.R.’s Unsold Inventory Index fell from 3.3 months in April to 2.9 months in May. The index measures the number of months needed to sell the supply of homes on the market at the current sales rate. The index stood at 3.4 months in May 2016.

• At the county level, 42 of 51 reported counties experienced a drop in the unsold inventory index compared to a year ago. Alameda, San Mateo, and Santa Clara counties had the lowest inventory (1.7 months), followed by San Francisco County (1.9 months) and Sacramento (2.0 months), all in either the Bay Area or a neighboring county to the region, where supply constraints remain a serious issue.

• The median number of days it took to sell a single-family home nudged down from 24.2 days in April to 22.4 days in May and was down from 27.4 days in May 2016.

• C.A.R.’s sales-to-list price ratio* was 100 percent of listing prices statewide in May, 100 percent in April, and 99.7 percent in May 2016.

• The average price per square foot** for an existing, single-family home statewide was $267 in May, $259 in April, and $251 in May 2016.
• San Francisco County had the highest price per square foot in May at $918/sq. ft., followed by San Mateo ($875/sq. ft.), and Marin ($696/sq. ft.). Counties with the lowest price per square foot in May included Lassen ($122/sq. ft.), and Siskiyou and Del Norte ($127/sq. ft.).

• Mortgage rates continued to dip lower since early this year. The 30-year, fixed-mortgage interest rate averaged 4.01 percent in May, down from 4.05 percent in April but up from 3.6 percent in May 2016, according to Freddie Mac. The five-year, adjustable-rate mortgage interest rates dipped in May to an average of 3.12 percent from 3.15 percent in April but was up from 2.81 percent in May 2016.

Graphics (click links to open):

• May sales at-a-glance infographic.
• Calif. historical existing home sales.
• Calif. historical median home price.
• Share of sales by price range.
• Calif. price per square foot.
• Calif. sales to list price ratio.

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.  The change in median prices should not be construed as actual price changes in specific homes.

*Sales-to-list price ratio is an indicator that reflects the negotiation power of home buyers and home sellers under current market conditions. The ratio is calculated by dividing the final sales price of a property by its last list price and is expressed as a percentage.  A sales-to-list ratio with 100 percent or above suggests that the property sold for more than the list price, and a ratio below 100 percent indicates that the price sold below the asking price.

**Price per square foot is a measure commonly used by real estate agents and brokers to determine how much a square foot of space a buyer will pay for a property.  It is calculated as the sale price of the home divided by the number of finished square feet.  C.A.R. currently tracks price-per-square foot statistics for 39 counties.

Leading the way…® in California real estate for more than 110 years, the CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org) is one of the largest state trade organizations in the United States with more than 190,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.
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May 2017 County Sales and Price Activity
(Regional and condo sales data not seasonally adjusted)

May-17 Median Sold Price of Existing Single-Family Homes Sales
State/Region/County May-17 Apr-17 May-16 Price MTM% Chg Price YTY% Chg  Sales MTM% Chg  Sales YTY% Chg
CA SFH (SAAR) $550,200 $537,920 r $519,930 r 2.3% 5.8% 5.4% 2.6%
CA Condo/Townhomes $440,890 $436,390 r $411,120 r 1.0% 7.2% 13.7% 4.5%
Los Angeles Metro Area $488,720 $482,420 r $469,090 r 1.3% 4.2% 21.4% 6.9%
Inland Empire $340,710 $338,010 $315,980 0.8% 7.8% 18.4% 9.0%
S.F. Bay Area $899,730 $895,490 $848,580 0.5% 6.0% 21.8% 4.9%
S.F. Bay Area
Alameda $862,000 $875,000 $828,000 -1.5% 4.1% 23.9% 2.7%
Contra Costa $653,000 $653,690 $595,000 -0.1% 9.7% 21.1% 4.2%
Marin $1,315,000 $1,325,000 $1,237,500 -0.8% 6.3% 11.1% 3.1%
Napa $673,250 $685,000 $645,770 -1.7% 4.3% 34.1% 17.3%
San Francisco $1,501,680 $1,402,500 $1,360,000 7.1% 10.4% 10.9% 11.5%
San Mateo $1,480,000 $1,500,000 $1,392,500 -1.3% 6.3% 26.4% 8.4%
Santa Clara $1,200,000 $1,160,000 $1,100,000 3.4% 9.1% 26.2% 6.0%
Solano $415,000 $400,000 $385,500 3.8% 7.7% 10.8% 4.4%
Sonoma $625,000 $608,000 $580,000 2.8% 7.8% 24.8% 0.5%
Southern California
Los Angeles $492,040 $480,230 $467,290 2.5% 5.3% 24.9% 7.3%
Orange $795,000 $775,000 $731,750 r 2.6% 8.6% 22.6% 5.9%
Riverside $375,000 $379,000 $355,000 r -1.1% 5.6% 18.7% 10.3%
San Bernardino $272,200 $260,050 $245,080 4.7% 11.1% 17.8% 6.7%
San Diego $605,000 $590,000 $565,000 r 2.5% 7.1% 16.1% 4.1%
Ventura $657,890 $659,310 r $617,740 r -0.2% 6.5% 12.8% -6.3%
Central Coast
Monterey $617,000 $569,000 $540,000 8.4% 14.3% 27.3% 3.6%
San Luis Obispo $569,000 $572,500 $540,000 r -0.6% 5.4% 22.0% 11.7%
Santa Barbara $725,000 $745,000 $689,000 -2.7% 5.2% 16.8% 13.9%
Santa Cruz $875,000 $815,000 $800,000 7.4% 9.4% -2.2% -19.2%
Central Valley
Fresno $250,000 $240,000 $232,000 r 4.2% 7.8% 10.4% 9.9%
Glenn $200,000 $230,000 $175,000 r -13.0% 14.3% 22.2% 100.0%
Kern $230,000 $236,750 $225,000 r -2.9% 2.2% 12.7% -4.6%
Kings $211,000 $232,000 $215,000 r -9.1% -1.9% 17.1% -6.8%
Madera $255,000 $240,000 $213,500 r 6.3% 19.4% -12.7% -23.6%
Merced $243,500 $247,910 $223,500 r -1.8% 8.9% 44.9% 14.5%
Placer $460,000 $460,000 $427,000 r 0.0% 7.7% 33.5% 14.9%
Sacramento $342,100 $326,000 $317,950 r 4.9% 7.6% 13.8% 5.7%
San Benito $520,000 $521,000 $479,000 -0.2% 8.6% 4.4% 0.0%
San Joaquin $331,950 $340,000 $320,000 r -2.4% 3.7% 12.6% 7.8%
Stanislaus $290,000 $283,000 $265,000 r 2.5% 9.4% 21.2% 12.3%
Tulare $225,000 $214,900 $205,000 r 4.7% 9.8% 21.4% 6.1%
Other Counties in California
Amador $350,000 $327,000 $268,500 r 7.0% 30.4% 18.0% 34.1%
Butte $308,000 $302,900 $271,000 r 1.7% 13.7% 5.9% -11.8%
Calaveras $300,000 $318,500 $287,500 r -5.8% 4.3% 20.7% 6.7%
Del Norte $220,000 $239,000 $189,500 r -7.9% 16.1% -15.8% -27.3%
El Dorado $469,000 $474,500 $429,500 r -1.2% 9.2% 14.9% -6.5%
Humboldt $289,500 $300,000 $270,000 r -3.5% 7.2% 5.2% 0.0%
Lake $240,000 $248,470 $238,000 r -3.4% 0.8% 14.3% 39.1%
Lassen $192,500 $175,500 $134,450 9.7% 43.2% -25.0% -37.5%
Mariposa $271,000 $273,000 $299,000 r -0.7% -9.4% 17.6% 17.6%
Mendocino $410,000 $358,000 $330,000 r 14.5% 24.2% 20.8% -3.3%
Mono $627,500 $516,250 $585,000 21.5% 7.3% 20.0% -7.7%
Nevada $389,000 $424,000 $354,000 r -8.3% 9.9% 39.4% 33.3%
Plumas $285,000 $239,000 $225,000 19.2% 26.7% 25.9% 47.8%
Shasta $255,000 $243,250 $229,000 r 4.8% 11.4% 7.4% 1.2%
Siskiyou $211,500 $200,000 $175,000 r 5.8% 20.9% 54.3% 31.7%
Sutter $283,000 $249,500 $235,000 r 13.4% 20.4% 31.8% 13.0%
Tehama $203,000 $207,000 $170,000 r -1.9% 19.4% 85.7% 26.8%
Tuolumne $299,000 $270,000 $242,500 r 10.7% 23.3% 1.3% 18.2%
Yolo $453,450 $386,750 $398,000 r 17.2% 13.9% 31.9% 11.1%
Yuba $255,570 $267,500 $225,000 r -4.5% 13.6% 18.7% 2.3%

r = revised
NA = not available

 

May 2017 County Unsold Inventory and Time on Market
(Regional and condo sales data not seasonally adjusted)

May-17 Unsold Inventory Index Median Time on Market
State/Region/County May-17 Apr-17 May-16 May-17 Apr-17 May-16
CA SFH (SAAR) 2.9 3.3 3.4 22.4 24.2 27.4 r
CA Condo/Townhomes 2.4 2.5 2.8 21.0 23.0 27.3 r
Los Angeles Metro Area 3.2 3.7 3.8 24.5 29.0 r 45.0 r
Inland Empire 3.2 3.9 4.2 27.1 36.8 46.7 r
S.F. Bay Area 2.1 2.4 2.5 20.0 20.1 20.2 r
S.F. Bay Area
Alameda 1.7 2.0 2.2 17.7 17.4 17.5
Contra Costa 2.1 2.4 2.4 18.6 18.8 18.0
Marin 2.6 2.8 2.8 26.2 24.9 25.2
Napa 3.8 5.0 5.0 43.9 49.5 42.0
San Francisco 1.9 1.8 2.5 19.9 20.2 21.1
San Mateo 1.7 2.0 2.1 17.5 17.5 17.8
Santa Clara 1.7 2.0 2.2 17.6 17.3 17.9
Solano 2.3 2.5 2.9 32.0 36.2 34.3
Sonoma 3.0 3.4 3.2 35.7 33.1 40.8
Southern California
Los Angeles 3.0 3.4 3.6 22.3 26.1 40.5 r
Orange 3.1 3.7 3.6 22.2 27.1 49.0
Riverside 3.2 3.9 4.1 28.1 38.7 50.7
San Bernardino 3.4 3.9 4.2 25.5 32.7 38.2
San Diego 2.6 2.9 3.1 20.4 20.5 22.1
Ventura 5.0 3.9 4.5 r 46.4 46.9 r 51.3 r
Central Coast
Monterey 4.2 5.1 4.5 24.0 33.1 24.8
San Luis Obispo 3.6 4.0 4.4 23.7 26.4 25.9
Santa Barbara 4.0 4.5 4.4 24.0 28.6 28.8
Santa Cruz 4.0 3.4 3.3 21.4 21.5 22.4
Central Valley
Fresno 3.1 3.5 3.8 22.8 22.3 25.8
Glenn 3.7 4.8 6.8 40.7 31.0 20.9
Kern 3.3 3.6 3.7 25.1 23.4 26.4
Kings 3.0 3.5 2.9 23.8 25.8 25.5
Madera 6.4 4.9 5.3 45.5 34.2 57.1
Merced 2.7 3.9 3.5 23.4 23.2 39.0
Placer 2.2 2.8 3.0 19.3 20.7 21.1
Sacramento 2.0 2.1 2.5 18.3 18.8 18.9
San Benito 3.7 3.6 4.4 23.0 28.2 19.9
San Joaquin 2.3 2.5 2.6 20.2 21.4 20.9
Stanislaus 2.4 2.8 2.9 21.1 22.7 22.0
Tulare 3.5 4.1 3.6 26.8 26.4 28.6
Other Counties in California
Amador 3.8 4.9 5.8 29.5 39.3 28.7
Butte 2.9 2.7 3.0 19.3 22.9 25.3 r
Calaveras 4.8 5.6 5.8 27.1 37.7 33.8
Del Norte 9.4 6.6 6.9 80.3 112.8 91.0
El Dorado 4.2 4.0 4.1 23.9 27.4 29.0
Humboldt 5.0 4.7 4.2 23.4 25.3 25.2
Lake 4.6 4.7 7.2 37.8 61.0 75.5
Lassen 10.9 6.6 NA 64.6 80.3 77.6
Mariposa 4.2 4.4 6.1 26.0 21.5 86.4
Mendocino 5.8 6.6 6.8 72.6 46.6 50.8
Mono 8.4 9.9 NA 130.7 129.3 123.1
Nevada 3.2 4.1 4.8 24.0 25.7 29.5
Plumas 10.4 10.7 17.7 125.4 127.0 71.9
Shasta 4.3 4.3 4.7 23.7 25.6 36.4
Siskiyou 5.1 7.3 7.1 31.0 43.1 48.7
Sutter 2.4 2.9 2.8 22.0 21.4 27.0
Tehama 4.3 7.3 5.6 39.7 82.8 58.6
Tuolumne 5.0 4.5 7.0 41.6 68.3 25.7
Yolo 2.2 2.7 2.5 19.6 20.9 19.0
Yuba 2.3 2.8 2.5 20.9 20.1 22.4

r = revised
NA = not available

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How Long Does It Take an Avocado Pit Plant to Grow?

How Long Does It Take an Avocado Pit Plant to Grow?

Avocado seeds are easy to sprout, but the plants take a long time to mature.

Members of the Persea genus, avocado plants grown indoors from seed often have to be discarded after two or three years because they outgrow their space. If you grow them indoors from seed, they may take more than 20 years to bear avocados or they may not bear fruit at all. Avocado trees that grow outdoors from seed typically yield fruit in seven to 15 years.

Time Needed to Sprout

Whether you germinate an avocado seed in water or soil, it will typically sprout within two to three months. To sprout a seed in water, wash it and insert several toothpicks around the sides. Place the seed in a glass of water, resting on the toothpicks with the bottom quarter of the seed covered with water and the pointed end facing up. As the seed sprouts, roots will first appear on the bottom; a stem will later emerge from the top. Remove the toothpicks when the roots are 2 to 3 inches long. Fill a 6- to 8-inch pot with a commercial potting mix and put the seed in the center of the pot with the top of the seed level with the potting mix. To grow a seed in soil, cut about 1/4 inch from the tip and place it in potting soil with the cut end just above the soil. Moisten the soil and keep it moist.

Time Before Transplanting

Maintain the water level in the glass as it evaporates, but do not change the water. The pit may grow more than one stem; leave these alone. To induce a bushy, leafy plant, prune it to 3 inches high when it reaches 6 inches. Within three weeks after pruning, remove the toothpicks and plant the seeds in light, sandy soil in a large clay pot. When you transplant a seedling to a pot, leave the top of the seed exposed for new stems to grow.

Cultivating Indoors

Avocados will grow indoors with a minimum temperature of 60 degrees Fahrenheit. Give the plant frequent light watering to keep the soil moist, but not soggy. If the leaves turn yellow, let the soil dry out for a few days. Keep the plant in good light and near a window in the winter. Since avocados are tropical plants, misting them in the winter will help maintain the humidity they like. An accumulation of salt in the soil will cause the leaves to turn brown and curl at the tips. To remove the salt, leach the soil by running water into the pot for several minutes. Pruning and pinching can help control the size of indoor avocado trees with branches that spread up to 6 feet wide.

Outdoor Growing Climate

The growing climate of the three major avocado species vary. If you plan to transplant your sprouted seed outdoors, choose a species that matches your climate. Guatemalan avocados such as the small, pebble-skinned Hass avocado (Persea nubigena var. guatamalensis “Hass”) will grow in U.S. Department of Agriculture plant hardiness zones 9b through 11. Mexican avocados including the large, dark-skinned Fuerte (Persea américana var. drymifolia “Fuerte”) will grow in USDA zones 9a through 11. Less frequently grown West Indian avocados, such as the large, glossy Lula (Persea américana var. américana “Lula”) will grow in USDA 10b through 11. A tree grown from seed tends to taste differently than the fruit of its parent seed. Hass avocados and other favorite varieties grown in nurseries are grafted onto root stock to preserve their characteristics.

Pricing your home

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