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Costa Mesa Housing Market- Return of the First-time Buyers

by | Jul 25, 2015 | Consumer Information, Costa Mesa, For Buyers, For Sellers, Kurt's Thoughts, Life In Costa Mesa |

Costa Mesa Housing Market- Return of the First-time Buyers
Return of the First-time Buyers
The National Association of Realtors® (NAR) announced that during the month of May sales of existing homes were at their highest rate in six years. This was on the heels of outstanding residential construction reports.
Pushing 5.1 percent higher in April sales of single-family homes, condos and townhomes slide in at a seasonally adjusted annual rate of 5.35 million units. Plus that rate in April was adjusted to 5.09 million units from 5.04 million. In fact, sales figures would be at their highest in more than 8 years If not for the Homebuyer Tax Credit of 2009.

Sales in May are 9.2 percent higher than the May of last year at a time when the rate was 4.90 million. Perhaps the most substantial increase is the number of first-time homebuyers, which rose to 32 percent over last year. Being 5 percentage points higher than in May 2014, this marks the highest share for first-time homebuyers since September 2012.
California Housing Market: Going Forward
With California dominating the country’s 20 hottest real estate markets, an increase in home prices and a flash of buyer activity during May has lead to more than the usual seasonal momentum.
As summer unfolds, the market finds itself feeling the heat. There are now more opportunities for buyers as the listings inventory has grown by 4% over April. Buyers will still need to stay on their toes as this is down compared to last year at this time. Nationally the median list price crept to $228,000 which is up 7% over the previous year due factors such as limited inventory. But homes are turning over fast: Median days on market are now at 66 and continue to trend downward: down 11% year over year and 10% month over month.

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