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California pending home sales post third straight annual increase in June

C.A.R. reports...

LOS ANGELES (July 25) – Led by the San Francisco Bay Area, California pending home sales continued their upward momentum in June to post three straight months of annual increases, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) said today.

The California housing market remained very competitive, as C.A.R.'s June Market Pulse Survey** reflected a slight increase in sales with three or more offers over the previous year, particularly in homes priced $300,000-$399,000, which climbed from 8 percent in June 2015 to 18 percent this year.

Pending home sales data:

• Statewide pending home sales rose in June on an annual basis, with the Pending Home Sales Index (PHSI)* increasing 3.2 percent from 123.4 in June 2015 to 127.3 in June 2016, based on signed contracts. With pending sales on a rising trend in the past couple of months, June's increase should portend for higher closed transactions in July and August.

• California pending home sales declined 7.0 percent on a monthly basis compared to May, primarily due to seasonal factors. When adjusting pending sales for typical seasonal patterns, pending sales were down 3.2 percent from May and up 3.0 percent from June 2015.

• After trailing behind Southern California and the Central Valley since the beginning of this year, the San Francisco Bay Area led the regions, with pending sales increasing on an annual basis across the state.

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C.A.R. analysis finds presidential elections have little impact on California housing market

Prospective home buyers want current presidential candidates to address housing affordability

LOS ANGELES (June 21) – Presidential elections have historically had little or no negative impact on the California housing market, according to findings by the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.).

"Transitory political events such as presidential elections don't drive the housing market," said C.A.R. President Pat "Ziggy" Zicarelli. "Market fundamentals such as housing inventory, affordability, interest rates, job growth, and consumer confidence are the real factors that influence the housing market."

In an analysis of home sales dating back to 1990, the average growth in home sales during an election year is usually either slightly higher or lower each month than in non-presidential election years. Notably, sales growth is rarely negative during an election year, and there is no evidence of a systematic negative impact on home sales or prices stemming from election season. In fact, C.A.R. found that growth in home sales at the end of an election year actually outperforms non-election years by 7.1 percentage points.

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Realtor Party News

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  Celebrating Home Ownership Through Advocacy

National Home Ownership Month is a good time to reflect on our commitment to helping others realize the American dream of real property ownership. Our job as REALTORS® goes beyond listing and selling property. We protect and promote home ownership and property interest in real and tangible ways through the REALTOR® Party. readmore

Puerto Rico REALTORS® Pull Out All the Stops to Fight a Tax on Services and Win

The REALTORS® of Puerto Rico are no strangers to challenge, with a higher than average unemployment rate and foreclosures up almost 90 percent since 2008. But the 350-member association stepped up in a big way, successfully leading the fight to repeal a 10.5 percent tax on services that was going into effect.readmore

by the numbers

 

 

800mil The estimated number of urban dwellers who are practicing some form of backyard farming. Backyard or urban farming has become a significant part of modern living, especially in the U.S. Find out what's driving this renewed interest in growing food and the laws of backyard farming in the latest Hot Topic Alert.readmore

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We Moved!

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 The HDAOR Office Relocated!

14281 7th Street Victorville, CA 92395

Due to heavy rains that we have been experiencing this year and intrusion of water into the building, an investigation was undertaken by professional environmental consultants, and their report found organisms traditionally associated with mold may be present in the walls of the building. The Association has committed to remediating any potential mold condition, and until environmental consultants certify the building has met remediation standards, the employees will be relocated and membership and public events will not be hosted in the building.

Thank you,

Diane Smith, Executive Officer
High Desert Association of REALTORS

SAY IT THE REALTOR WAY® WITH CARmojis!

CARemojis

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Each year, in association with C.A.R.'s annual consumer advertising campaign, C.A.R. provides tangible tools to help members share their expertise with clients.

This year, as an extension of the campaign, C.A.R. is offering yet another free member benefit – the first-ever REALTOR®-centric emoji keyboard for members to download to their smartphone.

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