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Marin home prices strike record $1.25M for May

The median cost of a single-family home in Marin County, Calif., strike a new high in May to $1.25 million, a genuine estate investigate organisation reported Thursday.

That benchmark, that was for a resale isolated single-family home, was adult 5.2 percent from a same duration a year ago, according to Irvine, Calif.-based CoreLogic.

At a same time, a median cost for all homes in Marin — including resale, condos and new homes — also strike a record $1,132,750, adult 16.8 percent from a year ago.

“May is customarily a really bustling sales month for homes in Marin,” pronounced Kathy Schlegel, of Golden Gate Sotheby’s International Realty. “Inventory continued to be low while customer seductiveness was strong.”

Andrew LePage, an researcher for CoreLogic, reliable that Marin’s trend of arise prices in resale and all-homes categories dovetailed with Bay-Area-wide record high medians in May of $818,000 for resale homes and $755,000 for all homes.

“Low register continues to encourage a pressure-cooker sourroundings in that prices corner higher,” LePage said. “As pursuit growth, low seductiveness rates and aloft consumer certainty fuels housing demand, demographic and other trends constrain a series of resale homes listed on a marketplace — while new home construction stays next historically normal levels.”

LePage pronounced Marin and a Bay Area were still somewhat next a pre-recession arise median prices in 2007 — when those peaks were practiced for inflation. But it was really circumference closer to a full miscarry — in a box of Marin, a stream May median cost record for all homes is maybe usually about 2 percent next a pre-recession 2007 arise when practiced for inflation, he said. According to LePage, a arise median cost in Jun 2007 for all homes in Marin was $961,250, while a resale homes arise median cost was $1.125 million.

“A lot of time’s left by,” he said. “We’re articulate about 10 years ago.”

Marin’s condo marketplace was prosaic in sales volume in May from a 70 sales a year ago, though a median cost was adult 10.6 percent to $569,500.

Only 3 new homes were sole in May in Marin, compared to 7 sole a year ago, though a median cost for those 3 rose 57.9 percent to $1.560 million — approaching too tiny a representation to be significant.

Weather impact

Blaine Morris, of Pacific Union Real Estate in Kentfield, pronounced May’s formula were pushed aloft by a complicated winter rains, that caused many sellers who would have put their homes on a marketplace in Feb or Mar to wait until Apr so they could have time to debonair adult landscaping or do some painting.

“Usually a marketplace is negligence down by Memorial Day,” pronounced Morris, a past boss of Marin Association of Realtors. “Instead we’re stability to be bustling — a lot of new listings came on a marketplace in Jun since people got a late start.” Because of a relations liquid of new listings, new foe is not utterly as heated in a mid-market operation of about $800,000 to $1.5 million in Marin, Morris said.

“There are some-more choices, and not as many people competing, so we’re not saying a crazy overbids and high numbers of offers,” he added. “Homes that we would have approaching to get 5 or 6 offers, we’re removing dual offers.”

That said, Morris records a Marin marketplace continues to be really clever for a right properties.

“If we have a well-priced home, in a good neighborhood, with good schools, on a prosaic lot, with sun, it’s still going to be really rival in many cost points,” he said.

Interest rates

Schlegel, also a past boss of Marin Association of Realtors, pronounced a marketplace in May was “back to a supply and direct equation,” she said. Despite a high demand, however, she was “not saying utterly a frenzy in a marketplace a final few weeks,” she said. “This is substantially due to graduations, Father’s Day and a start of summer vacations.”

Schlegel combined that “it is approaching that a Federal Reserve will continue to lift seductiveness rates, so this could be a really good time for buyers who are on a blockade to burst into a market.”

Morris pronounced he has not seen a outrageous impact on long-term seductiveness rates, such as mortgages, from a new seductiveness rate hikes. Average debt seductiveness rates are still low during about 4.25 percent, he said.

“I consider it’s carrying some-more of an impact on credit cards and other forms of loans,” he said.

However, he pronounced some people could have a “psychological” worry about seductiveness rates stability to rise, and that could make them wish to get in a marketplace before that happens.

LePage pronounced Marin’s resale home marketplace was a many bustling in May, comprising about 80 percent of a internal market. New home construction in Marin continues to be really limited.

“If resale houses are during a record, there’s good possibility it will lift adult a median for all homes sole in Marin,” he said. “That’s not always a box in places like Southern California, where there’s lots of new home construction that impacts a altogether median prices.”


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Article source: http://www.nationalmortgagenews.com/articles/marin-home-prices-hit-record-125m-for-may

Affordable homes: An issue that should unite both parties

Amidst the partisan rancor in Washington, there is one issue that should unite both political parties: the urgent need to expand access to affordable rental housing. 

The situation is dire. According to new research by Harvard’s Joint Center for Housing Studies, more than 11 million households in communities across America now spend in excess of 50% of their income just on rent. That’s an unsustainable proposition for millions of low-income families who are often forced to choose between paying the rent and purchasing groceries or critical medical care. Many are just one missed rent payment away from eviction and homelessness.

What’s the cause of today’s high rent burdens? Over the past decade, we have witnessed an unprecedented increase in demand for rental housing that has sent rents soaring. Unfortunately, household incomes have not kept pace. Exacerbating the situation is the severe shortage of rental homes that are affordable and available to the lowest-income families. This shortfall now stands at 7.4 million units, affecting every state and metropolitan area

Millions of low-income families rely on federal rental assistance, but these programs help just one out of every four eligible households. In many communities, housing vouchers are allocated through long waiting lists or by lottery.

For some, it may be easy to dismiss these concerns. But make no mistake: housing is a fundamental aspect of all our lives. Our homes, of course, provide necessary shelter but they also serve as the gateway to our communities and society at large. Children living in stable, affordable homes generally perform better at school and are healthier than those who lack this foundation. A growing body of research is also showing that restrictive land use policies and high housing costs hinder mobility and stymie economic growth.

As Pulitzer Prize-winning author Matthew Desmond explains: “Without stable shelter, everything else falls apart.”

The good news is that many of the solutions to the rental affordability crisis already enjoy broad bipartisan support.

Republican and Democratic members of Congress recently joined together to introduce legislation that would strengthen the Low-Income Housing Tax Credit, the nation’s most effective program to increase the supply of affordable rental homes. There’s no better time than now to pass this important legislation, which would help attract much-needed private investment in affordable housing.

The 1.1 million units in the Public Housing program are a critical source of affordable rental homes, but many of these units are in serious need of repair after years of disinvestment. Responding to this problem, the Department of Housing and Urban Development’s Rental Assistance Demonstration (RAD) program allows public housing authorities to leverage existing rental subsidies to attract private capital to support revitalization within Public Housing. The results so far are promising. However, the number of units that can convert to RAD is today capped at 185,000. Voices on both sides of the aisle are now calling for the cap to be raised or lifted entirely.

There is broad recognition that federal, state, and local regulatory policies can act as artificial barriers to affordable housing, either by raising construction costs, limiting affordable rental production, or preventing production altogether. More than 25 years ago, former HUD Secretary Jack Kemp called upon the nation to remove these barriers so that lower-income families can fully enjoy the opportunities our country affords.  Last year, former President Barack Obama made a similar plea and released a toolkit for states and cities seeking to expand access to affordable housing. What’s needed now is inspired leadership to make regulatory-barrier reduction a truly national goal.

Republicans and Democrats have come to appreciate the effectiveness of “housing-first” strategies that prioritize permanent housing for those experiencing homelessness. The result has been significant declines in homelessness among families and veterans. Building on this approach, the Bipartisan Policy Center Housing Commission recommended the provision of short-term emergency rental assistance to those low-income families who have suffered a major setback (such as a job loss or a major medical crisis) that could lead to eviction. The goal of this assistance would be to keep families in their homes, help them get stabilized, and prevent homelessness.

When it comes to responding to the rental affordability crisis, what is most striking are not the differences that divide the political parties but the common ground that unites them. The solutions to the crisis are hiding in plain sight. It is now time to act on them without delay. 

Article source: https://www.housingwire.com/blogs/1-rewired/post/40510-affordable-homes-an-issue-that-should-unite-both-parties

Texas hot markets begin to see slowdown

The housing market in many Texas metros is slowing down as home sales and home prices grow at a slower rate than the state has seen this year.

New home sales prices in the Dallas-Fort Worth area increased in May, but at a slower pace than previous months, according to the New Home Sales Index released by HomesUSA.com.

The average price of a new home increased from $383,681 in April to May’s $384,489 in the Dallas area, according to the North Texas Real Estate Information Systems.

The number of days on market for new homes sold in the Dallas area increased to 122.02 days, up from 121.62 days the month before.

Other major housing markets in Texas showed the same slowdown seen in the Dallas area. Houston and San Antonio both saw a slowdown in the pace of new home sales in May. The total days on market for new homes in Houston increased from 134.86 days in April to 135.28 days in May.

Click to Enlarge

dallas DOM

(Source: HomesUSA.com)

San Antonio saw the biggest slowdown in new home sales pace with the largest increase on days on market for the second month in a row. New home days on market increased from 105.98 days in April to 106.92 days in May. Despite this increase, San Antonio remains the lowest among the four biggest new homes sales markets in Texas.

This fast pace is due in part to the city’s average sales price being more than $70,000 lower than the average for the rest of Texas.

However, Austin became the major new home market in Texas to see a faster home sales pace in May for the second month in a row. The number of days on market in Austin decreased in May to 112.67 days, down from 112.73 the month before.

Overall, the four largest new home sales markets in Texas have been slowing their pace since October, the report from HomesUSA.com shows. The average days on market for the four markets increased from 117.58 days in October to 123 days in May.

“New home sales continue to remain strong and prices continue to rise in our Dallas-Ft. Worth area,” HomesUSA.com owner Ben Caballero said. “But we’ve seen the number of days on market increase by about a week since the fall, as demand is not quite keeping up with new inventory.”

But while new home sales may be slowing in Texas, Dallas remains one of the hottest markets this home-buying season.

Article source: https://www.housingwire.com/articles/40512-texas-hot-markets-begin-to-see-slowdown

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