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La Jolla real estate market
May 23rd
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The La Jolla real estate market, a subsidiary of the larger San Diego real estate market, is one of the most strongly recovering areas in the nation. According to a May 18, 2010 article in the San Diego Daily Transcript, “Local homebuilders are reporting that despite our lackluster economy, new homebuyers are making commitments to purchase at a much faster pace than in the recent past. We’re not at the campout stage yet, but it is nice to know that the market recognizes the shortage of new homes. There has been particular strength evidenced in single-family housing in the $600,000-plus range, mostly in north coastal county.” The piece, written by Alan Nevin, also said that “…we will have a return to the musical chairs game of 2005-2006 when more and more homeowners are out to buy fewer and fewer larger homes…And that results in higher and higher prices, especially when interest rates are as low as they area and low down payments are plentiful (which they still are). In short, it is my contention that we are heading into a return to the good old days.”
The average price of a San Diego home rose dramatically in the month of March, a sign of the continued demand for La Jolla homes for sale. According to a May 10, 2010 article in the San Diego Union Tribune, “San Diego County led the nation in rising home values in March even though prices nationwide dropped 3.8 percent, according to a report released today by Zillow.com.” The article by Roger Showley continued to say that “In San Diego County, 32.1 percent of homes sold in March had gone through foreclosure in the previous year and 22.9 percent of homes were underwater. Nationally, the figures were 22.2 percent and 23.3 percent, respectively.”
This same positive news for La Jolla real estate was echoed in an April 27, 2010 article also in the Union Tribune. This piece found that “San Diego County’s housing market was the strongest in the nation in February, the widely watched Standard & Poor’s/Case-Shiller Home Price Index reported Tuesday. The price index for San Diego was up 0.6 percent from January, the only market out of 20 surveyed nationally with an increase.”
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Denver real estate market
May 22nd
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The Denver real estate market is still battling relatively high rates of foreclosures, but continues to show otherwise strong indicators of economic health. According to a May 16, 2010 article in the Denver Post, “The new-home market in the Denver area improved in March, with net sales of 477, a 22 percent increase over the same month a year ago. The number of contracts cancelled fell from a year ago to 58, representing an 11 percent cancellation rate of gross sales, according to a recent report from Hanley Wood Market Intelligence. Inventory levels fell 35 percent, to 2,256 units.” The piece, written by Margaret Johnson, continued to state that “The average base price of units sold fell 4 percent from a year ago to $302,121, while the median base price of units sold fell 5 percent, to $270,990. The fluctuations in price are often affected by a shift in the price mix of units sold, as much as any price increase or decrease in the units themselves.”
A second report on Denver homes for sale reached a different conclusion on the movement of housing prices, according to a May 11, 2010 article in the Denver Business Journal. This piece noted that “Single-family home prices in metro Denver slipped in March from the previous month but rose 4.1 percent from 12 months earlier, according to a report Tuesday from Integrated Asser Services LLC.” The article by Mark Harden also said that “The monthly ‘IAS360 House Price Index’ report from IAS, a Denver-based default-mortgage services company, said the median single-family home price in the Denver-Aurora metro area declined 0.7 percent in March, following a 0.2 percent rise in February. But year over year, the index showed a 4.1 percent increase in the area’s median price between March 2009 and March 2010.”
Higher than average foreclosure rates might adversely affect Denver real estate if they continue to escalate. According to an April 29, 2010 article from In Denver Times, “Foreclosures are occurring at a faster-clip in the Denver-Aurora area than the national average, according to a national first-quarter report released today. The Denver-Aurora area ranked No. 49 out of 206 metropolitan statistical areas tracked by RealtyTrac, based in Irvine, Calif.”
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Dallas real estate market
May 21st
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The Dallas real estate market is showing all-around signs of improvement, according to three strong indicators of economic health – home prices, home sales, and foreclosure rates. According to a May 8, 2010 article in the Dallas Morning News, “North Texas home sales surged 27 percent in April from a year earlier. Condominium sales rose even higher – up 49 percent. Median home sales prices also rose a solid 7 percent in last month’s report, one of the best recent year-over-year gains. The jump in pre-owned home sales was fueled by the federal homebuying tax credits that just expired.” The piece, written by Steve Brown, continued to say that “The April increase and an 11 percent rise in March were enough to put home sales ahead 9 percent so far this year in North Texas. Local real estate agents sold 7,017 pre-owned single-family homes last month, according to statistics released Friday by the Real Estate Center at Texas A&M University and North Texas Real Estate Information Systems Inc.”
Dallas homes for sale were less dependent in recent months as well, according to a May 13, 2010 article in the Fort Worth Star-Telegram. This piece found that “Home foreclosure postings in Tarrant County as well as the Metroplex as a whole dropped for the second consecutive month in a row this month, but that’s too short to call it a trend, a local expert said Thursday.” The article by Bob Cox also said that “The number of homes listed for foreclosure and which could potentially be auctioned off at the June 1 courthouse auction, fell 8 percent in Tarrant County compared with a year ago and 7 percent from the previous month, according to data released by Foreclosure Listing Service of Addison.”
Home prices for Dallas real estate also rallied slightly, according to a May 12, 2010 article in the Dallas Morning News. This piece, written by Steve Brown, found that “Dallas-Fort Worth home prices edged higher in the latest nationwide housing market update. The D-FW area was joined by 90 other U.S.. metropolitan areas that had gains in median home prices in the first quarter, according to the latest report from the National Association of Realtors.”
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