CA March Real Estate News

Accoring to the California Association of Realtors:

PENDING HOME SALES DECLINE FOR FIFTH CONSECUTIVE MONTH

The Pending Home Sales Index (PHSI) continued to decline in January, falling for the fifth consecutive month, according to a recent report by NAR. Based on the number of transactions that have signed contracts but are not yet closed, the PHSI gauges home sales activity for upcoming months, as sales typically close within one or two months of contract signing. In January, the PHSI edged down 4.8 percent to 116.3 from the 122.1 reading in January 2005. An index of 100 or more generally indicates a high level of home sales activity.

"This looks like we're touching down for the soft landing we've been expecting," said NAR Chief Economist David Lereah. "We are at a much more sustainable level of home sales now -- a welcome cooling from the super-heated conditions that were driving exceptional price gains."

Regionally, the PHSI was highest in the South, where it increased 2 percent from one year earlier to 128.6. In the West, the PHSI fell 13.6 percent to 115.8. The Midwest and Northeast regions also experienced annual declines, falling to 114.3 and 94.8, respectively.

Fast Facts

Calif. median home price - Jan. 06: $551,300 (Source: C.A.R.)

Calif. highest median home price by C.A.R. region Jan. 06:Santa Barbara So. Coast $1,120,000 (Source: C.A.R.)

Calif. lowest median home price by C.A.R. region Jan. 06:High Desert $321,500 (Source: C.A.R.)

Mortgage rates - week ending 3/2:30-yr. fixed: 6.24%; Fees/points: 0.6%15-yr. fixed: 5.89%; Fees/points: 0.6%1-yr. adjustable: 5.34%; Fees/points: 0.8%(Source: Freddie Mac)