Thread: California Home Prices Up, Selling Fast

California Home Prices Up, Selling Fast

By KSEE News
September 15, 2010

California home prices are up, and that's good news for our local housing market. Reports show prices have gone up 10% across the state since last July and home sales are picking up. Christina Lusby spoke with both the California and Fresno Realtors Associations and has more on the rise of state and local home prices.
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VIDEO @

http://www.ksee24.com/news/local/Housin ... 99549.html

Prices are up 10% from what base? I just sold one for 20,000 under what a buyer was willing to pay (IN FRESNO) because the bank under appraised It for FHA.... Most of the California market Is dead,and banks are STILL holding thousands of beat up foreclosures off the market.

Originally Posted by topsecret10

Prices are up 10% from what base? . . .

up 10% across the state since last July

O.C. has SoCal’s priciest homes vs. rents

September 16th, 2010, 12:01 am
by Jon Lansner

Renters take note: The cost of buying a local home vs. renting’s expense is on the rise again.

According to the Real Estate Research Council of Southern California, its renting-vs.-buying metric — comparing the median selling price (DataQuick) to average monthly rent (RealFacts) — is tilting away from ownership. In the second quarter, the median priced Orange County home cost the same as 301 months of average rent at large, local complexes. This gap has grown 13% in a year — and is now at its highest in two years — as home prices have slightly firmed while rents fell. (See chart at right!)

OK, to be fair, the second quarter result is also 30% cheaper than conditions found in Orange County in the third quarter of 2005 when home prices were extremely high compared to rents amid the homebuying mania of that era.

The RERCSC report also found Orange County to have the highest price-to-rent ratio among counties in the region.

Santa Barbara County homes cost 278 months of rent, second highest in the region. That’s up 16% in a year.
Ventura was next at 261 months of rent. That’s up 6% in a year.
San Diego home prices ran at 236 months of rent, up 12% in a year.
L.A. County homes cost 211 months of rent. That’s up 12% in a year.
Riverside equaled 185 months of rent, up 17% in a year.
San Bernardino homes cost 138 months of rent. That’s up 15% in a year.
Overall, the 7-county region’s home prices were equal to 212 months of rent. That’s up 15% in a year.

http://lansner.ocregister.com/2010/09/1 ... nts/81522/