11/02/2006

Conditions Optimal for Buyers Now

The National Association of Realtors says, "Home sales will remain stable in the months ahead, according to NAR's most recent Pending Home Sales Index (PHSI). In September, the PHSI stood at 109.1, down 1.1 percent from the previous month and down 13.6 percent from September 2005. The index gauges home sales activity for upcoming months based on the number of transactions that have signed contracts but are not yet closed. A PHSI of 100 or more generally indicates a high level of homes sales activity. ... In the West, the index fell 15.2 percent to 112.5."

"The present level of home sales is relatively high in historic terms, and we can
expect generally minor movements around this level. We don't expect to see any changes of note until early next year when we're likely to see a modest lift to home sales," said NAR Chief Economist David Lereah. "The market currently is a little lower than expected as buyers try to time their entry. In the meantime, there's some buildup in demand that will move when consumers realize that conditions are optimal for them."

Calif. median home price - September 06: $553,050 (Source: C.A.R.)
Calif. highest median home price by C.A.R. region September 06:
Santa Barbara So. Coast $1,025,000 (Source: C.A.R.)

Calif. lowest median home price by C.A.R. region September 06:
High Desert $329,040 (Source: C.A.R.)

Calif. First-time Buyer Affordability Index - Second Quarter 06:
23 percent (Source: C.A.R.)

Mortgage rates - week ending 10/26:
30-yr. fixed: 6.4%; Fees/points: 0.4%
15-yr. fixed: 6.1%; Fees/points: 0.4%
1-yr. adjustable: 5.6%; Fees/points: 0.7%
(Source: Freddie Mac)

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