Glen’s Numbers — November 2012

I keep expecting us to change course, but month after month, we continue to see a decrease in the number of homes that are available to buy. We are now in our 19th consecutive decline of inventory for the East Bay (the 38 cities tracked), with only 1,584 homes actively for sale. We now have only a 3 week supply.

Listening to agents and brokers who have been in the business for years, most are stating we’re seeing our lowest level in years if not ever. Finding the right home to buy has become a real challenge, but given the historic low interest rates being offered, it’s a real opportunity for buyers that are able to get in.

Competition for such a limited supply has brought us upward pressure on prices. However we’re still well below the peaks we saw in 2007.  As a means of being able to take a closer look at our local markets, I ran some numbers for Berkeley (October) and Oakland (November), both of which are attached.

 

You can download an entire copy of Glen’s Numbers through November 2012 here

 

Recent News

Yearly Price Gains Continue into Offseason for Home Buying

DSNews by Esther Cho, December 4, 2012

 Compared to 2011, home prices continued to show strong gains in October and posted their biggest yearly increase since June 2006, according to data from CoreLogic.

Home prices—including distressed sale—climbed 6.3 percent higher year-over-year in October, marking the eighth consecutive month of yearly gains. Distressed sales include transactions for REOs and short sales.

“The housing recovery that started earlier in 2012 continues to gain momentum,” said Mark Fleming, chief economist for CoreLogic, in a release. “The recovery is geographically broad-based with almost all markets experiencing some appreciation.”

REO Sales Diminish to Under 20% of Overall Home Sales: Clear Capital

DSNews, by Carrie Bay, December 4, 2012

Clear Capital released a new market report Tuesday, tracking home prices through the end of November. Nationally, quarterly price gains were cut by more than half compared to readings from the month before. For November, home prices edged up just 1 percent.

Californians’ optimism rises after election

December 5, 2012, by Joe Garofoli of the San Francisco Chronicle

Californians more upbeat about state Nearly half of residents surveyed think the state is headed in the right direction after voters last month approved a measure to increase taxes.

 

 

Subscribe

Like This Post? Get More East Bay News In Your Inbox!

Never miss important East Bay real estate news or changing market conditions!
Subscribe via RSS or email delivery!