Latest County Home Prices Reflect Healthy Real Estate Market

SONOMA COUNTY – Data released this week by CoreLogic shows sales of new and existing houses and condominiums sold in the Bay Area in January 2016 down 38.3 percent month over month from December 2015.

Typically sales decrease between December and January in the Bay Area, and the average change between those two months since 1988 is a decline of 28.6 percent. The drop this year, across the region, is about 10 percent more than average.

Median Bay Area home sales are up 7.1 percent year over year from January 2015.

In Sonoma County, median home sales increased 4.2 percent last month, the only Bay Area County to show an increase in sales from December 2015 to January 2016.

The yearly figures shows strength as well. From January 2015 to January 2016, the current median home price in Sonoma County – $500,000 – is up 11.5 percent.

The median price paid for all homes sold in the San Francisco Bay Area in January 2016 was $625,500.

This was down 3.8 percent month over month from $650,000 in December 2015 and up 15.4 percent year over year from $542,000 in January 2015.

CoreLogic reports the median sale price has risen year over year for 46 consecutive months.

Home sales of $500,000 or more accounted for 64.5 percent of all sales in January 2016.

Absentee buyers, mostly investors, bought 19 percent of all homes sold in January 2016.

Cash buyers accounted for 20.5 percent of January 2016 home sales.

Aoso of note, government-insured Federal Housing Administration (FHA) loans accounted for 13.8 percent of home purchase loans in the San Francisco Bay Area in January 2016, up from 12.1 percent in December 2015 and up from 11 percent in January 2015.

Over the past year, officials say more buyers of low-to mid-priced homes have turned to low-down-payment FHA loans, in part, because the mortgage insurance premium for these loans was lowered in early 2015.

The FHA share of home purchase loans in January 2016 ranged from a low of 0.6 percent in San Francisco to a high of 29.5 percent in Solano County.

Year-Over-Year Change:

Median Sale Price January 2015 v. January 2016/Percent Change

Alameda………..$525,000…..$635,250……21.0%

Contra Costa…$402,250…..$452,500……12.5%

Marin……………..$770,000…..$725,000……-5.8%

Napa………………$476,500…..$505,000…….6.0%

Santa Clara…….$661,500…..$750,000…..13.4%

San Mateo………$800,000…..$910,550…..13.8%

Solano…………….$303,250…..$343,000…..13.1%

Sonoma………….$448,500…..$500,000……11.5%

Bay Area…………$542,000…..$625,500……15.4%

Month-Over-Month Change:

Median Sale Price December 2015 v. January 2016/Percent Change

Alameda.………$650,000…..$635,250…..-2.3%

Contra Costa…$480,500…..$452,500…..-5.8%

Marin……………$823,000…..$725,000….-11.9%

Napa……………..$555,000….$505,000…..-9.0%

Santa Clara……$788,500…..$750,000…..-4.9%

San Mateo…….$916,750……$910,550….-0.7%

Solano…………..$350,250……$343,000….-2.1%

Sonoma………..$480,000……$500,000……4.2%

Bay Area……….$650,000……$625,500…..-3.8%

Source: CoreLogic

-image via ShutterStock


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Article source: http://patch.com/california/rohnertpark-cotati/latest-county-home-prices-reflect-healthy-real-estate-market

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