Home sales up…..prices down

Home sales up, prices down nationwide
Home sales in 25 metro areas increased 1.5 percent nationwide in November compared with the previous month, and 46.7 percent compared with November 2008, according to a report by Radar Logic Inc.

Prices decreased 4.2 percent across all metro areas surveyed; however, eight areas experienced year-over-year price increases.  Half of the areas with year-over-year price increases were in California, according to the report.  Radar Logic’s Residential Property Index (RPX), which measures changes in the price per square foot of homes, shows that transactions increased in 9 of the 11 months ending in November.

“Affordability measures are at their highest levels in years and home sales are moving toward normal levels. Nationwide, foreclosure sales have declined from 29 percent of total sales in November 2008 to 23 percent of sales in November 2009,” said Michael Feder, president and CEO of Radar Logic.

• Calif. median home price: December 09: $306,820 (Source: C.A.R.)
• Calif. highest median home price by C.A.R. region December 09: Santa Barbara So. Coast $847,500(Source: C.A.R.)
• Calif. lowest median home price by C.A.R. region December 09: High Desert $121,010 (Source: C.A.R.)
• Calif. First-time Buyer Affordability Index - Third Quarter 2009: 64 percent (Source: C.A.R.)
• Mortgage rates - week ending 1/28/10 30-yr. fixed: 4.98 Fees/points: 0.6% 15-yr. fixed: 4.39% Fees/points: 0.6% 1-yr. adjustable: 4.29% Fees/points: 0.5% (Source: Freddie Mac)