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California housing market loses momentum...

California housing market loses momentum in August as affordability crunch stifles home sales, C.A.R. reports

- Existing, single-family home sales totaled 420,360 in August on a seasonally adjusted annualized rate, up 1.1 percent from July and down 2.2 percent from August 2015.
- At $526,580, August's statewide median home price is at its highest level in nearly seven years.
- Year-to-date sales are down from the previous year for the second month in a row by 0.5 percent.

LOS ANGELES (Sept. 15) – California home sales downshifted in August as low housing affordability and a tight supply of homes for sale cut into demand, especially in high cost areas of the San Francisco Bay region, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) said today.

Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 420,360 units in August, 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 2016 if sales maintained the August pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.

The August figure was up 1.1 percent from the revised 415,840 level in July and down 2.2 percent compared with home sales in August 2015 of a revised 429,900. Home sales remained above the 400,000 pace for the fifth straight month, but sales have declined year over year for the sixth consecutive month.

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C.A.R. Opposing Bill to Expand Rent Control

VOTE COULD BE TODAY!!

C.A.R. is OPPOSING AB 2502 (Mullin), a bill that would weaken the rent control limitations contained in the landmark "Costa-Hawkins" law sponsored by C.A.R. in 1995. C.A.R. opposes AB 2502 which undermines existing Costa-Hawkins' protections by allowing local governments to impose mandatory inclusionary zoning (i.e. rent control) on newly constructed rental housing, without any consideration for the economic viability of the project.

AB 2502 effectively repeals part of the C.A.R. sponsored Costa-Hawkins legislation that says new construction in a rent control jurisdiction is exempt, or NOT subject to rent control. It is vitally important that you reach out to your elected representative today!

AB 2502 could be considered by the entire Assembly as soon as TODAY.

Action Item

• Call your Assembly Member TODAY. Assemblyman Jay Obernolte
• Urge him or her to oppose AB 2502.

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Homeowner Legislative Facts

REALTORS® often comment that they are always seeking fresh content for their various marketing vehicles – blogs, newsletters, web sites, etc. Since so much of what C.A.R. does in the legislative arena protects not only REALTORS®, but their clients as well, C.A.R. has created Homeowner Legislative Facts, a regular compilation of articles about laws and legislation that your clients may find valuable. You can simply copy and paste the stories into your own marketing materials or, homeownerLegisFactsbetter yet, you can easily share each article using social networking like Facebook, Twitter or LinkedIn. Just click on your choice of icons with each article.

To view the new and improved Homeowner Legislative Facts page, either click on the logo above or use this link: http://homeownerfacts.org/ 

If you have questions about this program or its contents, please contact DeAnn Kerr This email address is being protected from spambots. You need JavaScript enabled to view it.

We're more than just REALTORS®

As Champions of Home™, California REALTORS® are optimists. Helpers. Explorers of neighborhoods. And friends of the community. It's our job to help with the piles of paperwork. The mind-numbing details. And intimidating issues associated with real estate. So, whether buying or selling a home, count on a REALTOR®. We help millions of Californians close on their dreams everyday.

Here's how we can help:

1. REALTORS® can help you wade through the cumbersome and often complicated paperwork that goes hand-in-hand with any real estate transaction, making sure the proper forms are filled out correctly and on time. This includes the crucial purchase agreement, which serves as the contract between a buyer and seller, and is used to formally identify a purchase price; list terms and conditions pertaining to the sale time frame; and other details, such as a written commitment by the seller to cover the costs of any necessary repairs.

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