Big price gains outpaced by larger home price increases
California home sales heat up in September, ending a four-month slowdown
Homes sales bounced back in September and prices remained near a record, but the gains are slowing, according to the California Association of Realtors.
A big payday, thanks to your home
Plus, the flip side of the equity gain for homeowners means home-shoppers are losing ground (see how much income needed by market). Mortgage lenders expect much higher FHA conforming loan limits and closing costs increase (sort of).
Mortgage rates
3.05% vs. 2.81% a year ago. Rates are at the highest level since April 2021.
Median price
$808,890 in September, up 13.5% from a year ago
Days on market
10 days in September vs. 11 a year ago
Profits drop for flippers as prices soar
August: Sales slow for a fourth straight month and a record price (again)
A bit of optimism for home shoppers looking to buy, with more homes listed in recent months and near-record-low mortgage rates holding steady.
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Plus, an LA mega-mansion seeking $500 million enters receivership with a mountain of debt, some rents rebound from the pandemic, and San Diego home prices surge.
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Plus, Fannie Mae will consider rent payments as part of the application process for first-time buyers, affordability plummets to 14-year low, and half of homeowners in Golden State are equity rich.
Home-seller profits slip in second quarter
Plus, real estate investors are buying more homes and competing with everyday folks for properties, foreign homebuyers have declined with the pandemic, and the governor appoints a new CalHFA executive director.
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Plus, high-end homebuyers are outpacing the rest of us, home equity soars in the first quarter, excess state land becomes affordable housing, and LGBTQ home buying and ownership practices.
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Contact Ron Trujillo at ron@calhomenews.com.
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