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real estate recovery


The Housing Market Recovery: Just the Facts

This historic Montecito manor is priced to sell!
This historic Montecito manor is priced to sell!

It's no secret, the housing market is in full recovery mode and home owners, economists and realtors are (cautiously) jumping for joy! With many news outlets reporting figures on the various aspects of the recovery, we thought it may be helpful to put the relevant information in one place. Fortunately, released an article which paints a helpful picture of the current state of the US housing market. Click the link to read the full article, or get the condensed version here:

  • August marked the 17th consecutive month of housing price increases.
  • August 2013 median sale prices up 6% from August 2012
  • Home prices are up 23% from the bottom of the market in March 2013
  • Foreclosures are down 3% from a year ago.
  • Recovery seems to be driven by all-cash buyers and institutional investors based on the increasing share of sales by those two groups.
  • California has seen the largest annual median price increase at 32%
  • The CA metro areas with a population of 1M or more with the biggest annual median price increase:
  1. San Francisco and Sacramento with 35% increase, with a healthy Northern California economy fueling price increases
  2. Riverside/San Bernardino with 28% increase
  3. Los Angeles with 26% increase

With an active market and a turbulent government, Riskin Associates will continue to report on the state and changes of the real estate market.