為2020年的賣房/換房做準備

自從2018年5月房市買氣轉下以來,至2019年10月為止,房價價格降幅依照區域有別,從平均10%到部分社區出現15~20%後,市場重現搶房熱潮。去年十月房市蠢蠢欲動,加上股市位於史上高點,還有總統大選行情與低利率的支持下,今年有計畫想賣房的朋友,可以即早開始準備了。

要不要賣房之後,又可以延伸出:要不要公開上市或私底下交易、賣房時間點規劃等等等。每一個房子都有不同的組合跟規劃,必須要個案討論,才能有更完整的計畫表。

其實這中間最讓人感受到挑戰的是換房,賣房、買房同時作戰,先買後賣、先賣後買都有不同的程序,當你身兼市場上的賣家與買家,這才是一場讓人驚心之役,之後我會再專寫一篇文章,寫買、賣房同時進行的建議,包括最重要的規劃時間表。

一、為什麼想賣房:先開會討論一下每一個房屋持有人,再次確認大家都想一心賣房嗎?想一下必須賣房的理由,不要賣房的替代方案有什麼?賣房後如何再進行後續換屋、買房計畫,這些都是賣房要認真思考的問題。

二、面試經紀人:有經驗的經紀人能應運各種需求,定位、行銷、打扮。定位你的家、精準定價、再幫你把房子打扮地漂漂亮亮的上市,利用各種行銷利器,風風光光賣出好價錢。如果你想低調賣房,不想讓鄰居、同事等人知道,我們也能配合。

最重要是收Offer的關鍵點,必須謹慎地選個實在又誠懇的好買家,選個安全的Offer,不在交易過程中出錯,賣了好價,準時Close大家都能睡得安心才是王道! 沒有人喜歡在交易過程中出了Surprise的。

三、整裝修繕:矽谷每一個工頭都好忙,每一個工程都落後,如果是正常類型的房子,想賣出好價錢,屋主必須先投資,換個地板、油漆、整理一下院子、櫥櫃重新上漆、換一下Vanity、水龍頭等等、再請專業Staging  Company化妝一下,這幾年的加價率不會讓你失望的。 屋況看起來越好,投標人數就會飆高,價格當然也能讓賣家滿意。

四、評估行情:經紀人、Redfin Estimate/ Zillow Zestimate都有數據能略知一二,如果周邊有不少房屋成交,價格落差不會太大,最怕的是落在不同學區Border/ 不同Zip Code的 Border,甚至屋況差異等等,這就需要經紀人做些Comps來協助你知道行情。

五、計算賣房成本、租屋成本、未來買屋預算:賣屋成本有經紀人的費用、部分地區的賣家需要負擔Escrow Fee、Title insurance、Inspection Report Fee、別忘了銀行欠款還有頭期款的差異,賣房之後如果需要租房、或立即要買房的預算規劃等等,都要事先規劃好、列清楚。

六、諮詢CPA相關稅務:賣房有賺錢,當然要繳稅。但是如果是屋主個人自住房,五年內住滿兩年,每一個人在產權上的屋主享有25萬美元的免稅額。舉例來說:假設夫妻在2011年買了一間公寓當時買價為45萬,今年銷售金額為100萬,價差是55萬,扣除房仲成本、賣房開銷等,售房淨利有50萬元,因為夫妻都在產權上,所以這50萬元是不用繳稅,如果再加上這6年來繳的貸款本金、原本買房的10幾萬頭期款再加上現有的淨利,就有60幾萬可以當成下一間房子的頭期款了。

這是算地精準的舉例,假設很幸運地超過50萬元,假設淨利高達70萬元,扣除50萬元的差額就必須要繳交所得稅,詳細情形可以再次與執業會計師確認。

七、HOA相關規定:很多人只在買房子的時候讀過HOA相關規定,其實不少HOA對於賣房子也有相關規定,像是把沒用的衛星拆走、窗戶破掉請補好、甚至要做賣房前檢查,房屋上市之前也有多HOA文件的準備工作。

想賣房子若能先有事前的完善規劃,事先有足夠的時間檢查與修繕,加上行銷面的推廣,就能讓房子賣出好價錢。

八、尋求可行的貸款方案:如果目前有房,必須借款換屋,有一些銀行與金融機構有很不錯的換屋貸款可做,我們討論計畫時,可以好好聊一聊。

有換房計畫嗎?

我是專職房地產經紀人,也是National Board of Realtors、California Association of Realtors、以及 Silicon Valley Association of Realtors的會員。

如果您有任何買賣房屋的需求與問題

請利用以下方式與我聯繫、預約看房或賣房分析

  • 電話/簡訊  408-505-3003 (如未接聽請留言)
  • 電郵: chienmingwei@gmail.com
  • LINE: chienmingwei

請同業尊重,每一篇文章都是我花了很多時間一個字一個字打出來的,請勿任意複製貼上,或是簡單改寫!如您要分享,請註明出處 https://maggiechien.com/ 謝謝。

交屋/驗屋/Final Walk Through

最近有客戶準備交屋了,這個建商不讓agent參加,我來分享一下交屋、驗屋到底要看什麼?

建商明確表示:We do request that only the persons on the contract attend this walk.  Your friends, agents, family are welcome to come for the closing day but not the home orientation. 思就是其他人都不要來給我囉嗦找碴 ><

其實如果有建商願意讓realtor陪的,我就一定會到場,幫忙檢查房子的功能與外觀之外,每次都還能學到最新的建築法規,如果我不能到場呢,你可以參考一下這裡跟下面兩篇文章鏈結。

基本上新房交屋之前的Home Orientation 都是從外觀開始,如果是Townhouse/ Condo外觀(屋頂、外牆)大多數由HOA維護,如果是新建single family也要遵守社區法規維護外觀,walk through時一定要知道總水閥、瓦斯閥、Cable電話線、郵箱、院子的Sprinkler & Timer位置、垃圾怎麼處理等。

外觀看完之後會從車庫開始、看電盤、(壁掛式)熱水爐、車庫門、門鈴、多數都有Pre wire的電車插頭以便未來使用,車庫通常沒有粉刷,其實也沒關係,看看灰板有沒有做好?看看有沒有裂縫? 有時候大家會很驚訝車庫好簡陋啊,但是美國人就是把車庫保留成像倉庫的模樣,絕大多數都沒有做隔熱層、灰板鋪上也沒有上Primer 或油漆,已經見怪不怪了。

房子總水閥有些在車庫內,有些在房屋外面或社區某個角落,後者比較不便。不管住新房舊房,一定要知道總水閥、分水閥的位置,以後維修才知道在哪裡控制,家裡突然爆水管的時候也才能應急。

當然,確定一些最基本需求像是每一個水龍頭都有熱水、暖氣、洗碗機、烤箱、瓦斯爐能正常運作,每一個窗戶都要試試看,確認能正常開啟

常常幫客戶抓的毛病,像是油漆不均勻、地板不夠平(如果當場發現不平,可以叫建商拿個水平儀來量看看,英文叫做Level)、廚房檯面的Caulking有沒做好、磁磚貼好、櫃子沒裝好、baseboard有沒有歪七扭八等等瑕疵。

如果沒有第一次就看到的小問題也不用擔心,建商都還有一年保固,交屋後也都還有工人在附近,跟現場的manager或打給客服聯繫,很快就會來修了。 如果是天花板、地板不夠平這種大問題,多數都是建議客戶,最好要求建商全部改善後我們才交屋,因為太快搬進來,後續維修也很麻煩。

對了,如果是中古屋final walk through,建議都是staging company搬完家具或賣家已經搬家的時候再去,因為除了之前有寫過的制式檢查流程,牆壁有沒有被搬家工人碰撞、地板有沒有嚴重刮傷,清空房屋之後的walk through會比較有效率!

灣區買中古房都是AS IS condition,賣家也不會全部修到好,而是要跟我們當初看房子、看報告的時候一樣的屋況。至於看房子看報告的屋況怎麼存證,就各自出招了。

最後附上各大網站英文版final walk through文章供參考

Your final walk through checklist

Buying a House? Here’s Your Final Home Walk-Through Checklist

如果我還有什麼沒寫到,你覺得很重要的,再請你私訊告訴我,我很願意分享給大家,讓買房之路更加順利。

有任何灣區房地產問題或需求,請利用以下方式與我聯繫、預約看房或賣房分析。

  • 電話/簡訊  408-505-3003 (如未接聽請留言)
  • 電郵: chienmingwei@gmail.com
  • LINE: chienmingwei

我是全職房地產經紀人。CA Real Estate Licensed Broker、National Board of Realtors、California Association of Realtors、以及 Silicon Valley Association of Realtors的會員。DRE#01973756

1758 Cross Way #235 SAN JOSE, CA 95125

【SOLD】

 

Boutique community with only 10 units and 90% homeowner-occupied. This eight-year-old, corner unit, townhouse style condominium is near major freeways (87, 85, 280), mass transit (Tamien VTA/Caltrain station), and Willow Glen Village plaza. 3 Bedrooms/2.5 Bathrooms with bright and airy Living & Dining rooms. 3 assigned carport spaces provide lots of flexibility! In-unit full size laundry, dual pane windows. Beautiful oak hardwood floor throughout. Granite slab kitchen counter top. Security and intercom system wired-in. Gas fireplace with marble and decorative surround. 4 miles to the proposed SJ Google campus, 7 miles to SJ Airport and only 2 miles to downtown Willow Glen. HOA is $328 which includes water and garbage. Award winning Willow Glen schools.

 

2016年3月最新市況,依然「搶得兇狠」

上個月,我們面臨了房子一開價就跳漲10%的日子,這個月,大家仍在搶房子的日子中度過。

供給少於實際需求,於是價格還是繼續走揚,今年因為房價已經高漲,加價率不如去年,許多人出價的時候態度變得謹慎,不過,如果出價太過謹慎,就會聽見「心碎的聲音」,這是我客人實際經歷出價時所開的玩笑。

現在想賣屋的屋主都很精,網路上隨便一查都知道行情,如果不是屋況特差、Location不好,不加個10~15%是進不到第二輪的Counter offer門檻的。除了第二輪 Counter offer,如果屋主需要錢,家裡孩子高中畢業要賣房,可能還需要Final Counter Offer 大決戰,若沒有一鼓作氣,可能就會與心中的Dream house擦身而過,這是我最近幫客人搶房子的心得。

廢話不多說,來看看平均加價率變化曲線,還是 Sunnyvale加價率最高,往南而遞減,到Evergreen稍稍緩息。

 

 

SU201603
Sunnyvale Mar 2015 to Feb 2016

 

 

SU price
Sunnyvale Sale Prices 平均House成交價逐年升高

 

Santa Clara 201603
Santa Clara 201603 加價率繼續攀升

 

Berryessa 201603
Berryessa Mar 2015 to Feb 2016

 

Evergreen
Mar 2015 to Feb 2016 Evergreen

 

Campbell
Campbell

18歲以下孩子可以持有房產嗎?

我的客人問我,大陸小孩子年紀輕輕自己就一套房,美國可以嗎?

答案是不行的。

美國聯邦法認定18歲以下尚未有法定行為能力(legal capacity)

但是有例外,除非從軍、經法院宣判合法結婚能買賣不動產 簽訂契約之外 (通常叫作 婚姻成年制 或 法定成年制 Emancipated ) 其餘有非常嚴格之規定,以下在BOE有詳細說明,請參考。

http://www.boe.ca.gov/lawguides/property/current/ptlg/annt/493-0000-all.html

[Quote]
493.0020 Custodianship.
Under California law, a minor may own real property or an interest therein, but a minor may not convey or make contracts relating to real property. Since a minor cannot sell or purchase property held directly in his or her own name, transactions involving a minor’s interests in real property are usually conducted indirectly through a guardianship or trust. The California Uniform Transfers to Minors Act (CUTMA) provides a statutory mechanism for transferring property to an adult “custodian" for the benefit of a minor. A CUTMA custodian holds, controls, manages, and invests the custodial property. When the custodianship terminates, title to the custodial property is transferred to the minor or the minor’s estate.

When property is transferred to a minor’s custodian under the CUTMA, a minor has beneficial ownership of the property, and the custodian only has legal title with powers and limitations similar to that of a trustee. Therefore, for property tax purposes, an assessor should treat a CUTMA custodianship in the same manner as a trust and “look through" to identify the transferor and the present beneficiary. A CUTMA custodian is not considered the beneficial owner.

Thus, there is no exclusion from change in ownership for a transfer of real property from a grandmother to her daughter as a custodian for her grandson under the CUTMA. Such a transfer is considered a transfer from a grandmother to the grandson, and not from the grandmother to the daughter that qualifies for the parent-child exclusion. Neither is the grandparent-grandchild exclusion available since the mother of the grandchild is still living. C 9/14/2007.
[End Quote]

 

 

舊金山灣區 南灣 房地產 201510月最新數據報告

Here is the latest market analysis by Maggie Chien.  I just finished house market research about South bay, part of east bay and also Berryessa.  Time frame is from Oct 2014 to Sep 2015.  Postal City is Palo alto, Mountain View, Sunnyvale, Cupertino, Fremont, Milpitas, Berryessa.  Property Type is Residential.  Property Sub Type is one of ‘Single Family Home’, ‘Condominium’, ‘Town house’.

為各位奉上十月初最新的市場資訊,先來看看

Los Gatos/Monte Sereno & Saratoga 的市況變化

L & S 201509

交易天數減少、加價率微服增加0.3%,但是基本上Los Gatos/Monte Sereno & Saratoga這兩區域

售價接近開價,成交天數仍在一個月以上!

CupertinoTime frame is from Oct 2014 to Sep 2015 Area Name is '18 - Cupertino' Property Type is 'Residential' Property Sub Type is one of 'Single Family Home', 'Condominium', 'Townhouse' Results calculated from approximately 620 listingsCupertino平均成交天數仍維持在19天,加價率從108.3%降至105.4%

Sunnyvale

SV 201509

Sunnyvale 近期市況相較Cupertino更佳,

成交天數 減少一天,市場熱度未減,微加價率微幅跌落從109.1%跌至107.9%,顯示房價仍在高檔盤旋,未見跌價趨勢

主因應是Cupertino房價過高,排擠效應讓不少家庭寧願往外退,畢竟94087, 94086等部分Sunnyvale仍有好學區環境

Berryessa

BE 201509

 數據真有趣!Berryessa的房價曲線與高房價區出現明顯差異

加價率不減反升,從105.2% 上升至106.1%,幫客戶找房子的時候,我也可以明顯感受到Berryessa地區的「熱度」所在!

最近我有客人在看South San Jose的房子,我也跑了一個Single family only的數據供參考

SSJ

South San Jose成交量少,數據參考值較低,

唯數據可明顯看出成交量與購買力在此區是很低的,房市不熱門,學區分數低,就會影響未來轉手力。

股票跌了,灣區(矽谷)房價會跌嗎?

近期房價高漲,影響了換屋意願;租金高漲,影響售屋意願,想賣房子的人實在少數,導致價格依然在高處盤整。矽谷人捧著錢卻買不到好房子,因為市場上釋出量更是越來越少,另外,八月我們經歷了股災,有些人根本不想在此刻銷售房產,希望股市盤整之後再上市。

股災不只波及賣家,也已經影響到以股票、共同基金(Mutual funds)存頭期款的買家,大跌後續雖有大漲,但是道瓊指數在近1個月跌了7.08% 卻是事實,不少買家多多少少都有些影響,特別是在信心層面。

近半年道瓊指數下跌了9.65%,灣區房價還是屹立不搖,很多人以為可以殺價買房,卻眼睜睜看著房子被搶走,套一句我客人說的話,「有錢就任性嗎?」,我想是不動產(Real Estate)在經濟最動盪的時候,產生了它的價值所在。

而股市影響房市的期間往往長達一年之後,我們拿最近2007年8月開始爆發的次貸風暴、2008年9月發生的雷曼兄弟事件造成的全球金融局勢影響來看,道瓊指數動盪直到2009年3月正式落底,當時指數為6547點,請見下圖。Dow Jones Industrial Average

灣區房價真正落底則是2011年,請見下圖,之後房價扶搖直上

Bay area 近30年平均房價走勢
Bay area 近30年平均房價走勢

很多人最關心,房價會跌嗎?沒有人知道,就跟股票的新聞都是放馬後炮一樣,沒有人說得準,我也問了灣區前輩,上週跟灣區有名的房地產證照老師童老師聊天,他說:「只要是自住、慎選地點,就算跌了也跌幅不大,過了幾年肯定又漲回來,30年前Sunnyvale一棟房子才8萬元,現在都是百萬元。」,我的老闆 Randy也很常說:「錢只會越來越薄啦…..」。

我永遠會提醒買家們,沒有永遠漲不歇的房價跟股市,很難算的準「何時會漲?何時會跌?」

只要你有實際住屋需求,就是最佳買點,但是務必掌握好家庭經濟狀況!!

請在買房之前計算每月支出概算,包括房貸數據、保險、稅金等,如果是投資者,應該算一下房貸金額、保險、稅金、租金投報率等,做好財務規劃,至少預留半年到一年的房貸、保險、稅金等周轉金,才挺得過經濟的高低起伏,享受到投資、存錢在房子上的美妙果實。別忘了,這裡是美國,舒適卻現實的美國,請務必當心。

10個您需要知道的買房出支

如果您是首次購屋者,瞭解您必須支付出的以下十項買房額外費用,可以幫助您在付錢時比較有心理準備。
1.誠意金 (Earnest money)
為了證明您是有誠意的想要購買房屋,必須支付1%至2%的總購買價為誠意金。誠意金的大小是會根據市場因素而改變,如果您所在地區的房屋買賣市場很熱門,賣家可以要求比較多的誠意金,相對的如果市場冷卻,賣方可能只需要非常小額的誠意金。另外各州政府也有不同的誠意金金額規定管理。
2.託管賬戶 (Escrow account)
託管賬戶基本上是一種貸款公司確保您有足夠的資金來支付相關稅費和貸款保險。您需要支付的金額依照地區、貸款公司、貸款類型而異,可能包括了數個月至一年的費用。託管賬戶通常是在訂金低於20%以下所需,同時也是FHA首次購屋貸款強制必須要有的,但VA退伍軍官貸款並不需要。
3.貸款手續費 (Origination)
手續費通常金額頗高,這是必須支付給貸款經紀人或是貸款公司的手續費,包括承銷、始發和處理代理價錢。手續費通常只是貸款總金額的一小部分,通常為總金額的1%,請記得找貸款時還是得貨比三家。
4.房屋檢驗費用 (Inspection)
您要確保新家沒有任何損毀或是結構上的問題,例如漏水、害蟲、發霉等問題,就必須支付房屋檢驗費。通常房屋檢驗費大約介於$300至$500元左右,房屋檢驗可偵測出結構問題,淹水可能性,和其他重大問題。害蟲檢驗費用大約為$150左右,一般檢驗的重大害蟲為白蟻。
5. 律師費用 (Attorney)
少數地區在房屋成交時必須有律師在場,例如喬治亞州,大部份地區則不需要。如果您的所在地需要有律師協助成交,您就得支付律師費用。
6.信用檢查 (Credit check)
雖然網路上有免費的信用檢查,但一般貸款公司都不會接受這種免費報告,貸款公司所需信用檢查大約為30元。
7.額外保險 (Extra insurance)
如果您住在天災較多的地區,可能需要購買額外的保險,例如洪水、地震險等等。
8.估價費用 (Appraisal)
您的貸款公司一定要在知道房產公平價值後才會願意貸款給您,房地產估價費用大約為200至400元左右,以地區和房屋大小各有所異。
9.產權過戶費用 (Title Company)
您必須支付產權過戶費用給過戶公司,確保房產所有權是明確無誤的,通常貸款公司會推薦過戶公司給您,但您也可自己找尋合作公司。
10.土地勘測費用 (Survey)
土地勘測並不是必須的,但是貸款公司可能會要求您使用專業土地偵測,來確認您的地產大小界線,價格大約100元左右。
記住:您有議價能力,貨比三家,多做功課瞭解您的地區的平均費用,如果您對價錢不滿意,可議價,也可尋找別家公司服務。
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10 Home-Buying Costs You Need to Know About
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If you’re a first-time home buyer, you might get a little queasy when the last line of your good-faith estimate comes in at several thousand dollars. And after the color returns to your face, you might also be a little more than perplexed by some of those fees.
Knowing what you’re paying for—like these 10 common costs—can ease that check-writing pain.
1. Earnest money
To prove you’re “earnest” in your purchase commitment, expect to plunk down 1% to 2% of the total purchase price as an earnest money deposit. This amount can change depending on market factors. If demand in your area is high, a seller could expect a larger deposit. If the market is cold, a seller could be happy with less than 1%.
Other governing factors like state limitations and rules can cap how much earnest money a seller can ask for.
2. Escrow account
An escrow account is basically a way for your mortgage company to make sure you have enough money to cover related taxes and mortgage insurance. The amount you need to pay varies by location, lender, and loan type. It could cover costs for a few months to a year.
Escrow accounts are common for loans with less than a 20% down payment and mandatory for FHA loans, but it’s not required for VA loans.
3. Origination
The origination fee is a hefty one. It’s the price you pay the loan officer or broker for completing the loan, and it includes underwriting, originating, and processing costs.
The origination fee is a small percentage of the total loan. A typical origination fee is about 1%, but it can vary. Use your good-faith estimate to shop around.
4. Inspection
You want to be assured your new home is structurally sound and free of surprises such as leaks or pests living in the walls. Those assurances come with a price.
Home inspection: This is critical for home buyers. A good inspector will be able to notify you of structural problems, flooding issues, and other potentially serious problems. Expect to pay $300 to $500 for a home inspection, although cost varies by location.
Radon inspection: An EPA-recommended step, this inspection will determine whether your prospective home has elevated levels of the cancer-causing agent radon. A professional radon inspection can cost several hundred dollars.
Pest inspections: Roaches are one thing. Termites are a whole different story. Expect to pay up to $150 for a termite inspection.
5. Attorney
Some states, such as Georgia, require an attorney to be present at closing. In some other areas, this is optional. If you use a lawyer, expect to cover the costs, which vary by area and lawyer.
It’s typical for mortgage companies to have a lawyer on their end, although they should cover the bill.
6. Credit check
Just because you can get your credit report for free doesn’t mean your lender can (and it will actually pull all three). You have to reimburse the lender, usually around $30.
7. Extra insurance
If you live in a hazard-prone area, you might need to purchase extra insurance, like for flood.
8. Appraisal
Your lender won’t loan you money for a home without knowing what its fair market value is. An appraisal will cost $200 to $400, depending on location and property size.
9. Title company
You pay this to the title company to make sure the property’s title is free and clear. Your lender will recommend a title company, but you can also shop around for one.
10. Survey
It’s not required in all instances, but your lender may require a professional surveyor to determine exactly where your property lines are drawn. Prices vary widely, but expect to pay at least $100.
Remember: You have bargaining power. Shop around to get a feel for what rates and fees apply in your area. If you aren’t sure what a lender is charging, ask for an explanation—the charge might not be set in stone. If you’re unhappy with a charge, negotiate.
(Info Source: Realtor.com & wordpress.com)

Home Prices Rise in Nearly All Metro Areas in Second Quarter

第二季官方房價報告出爐

WASHINGTON (August 11, 2015) — A promising climb in home sales throughout the country amidst insufficient supply caused home prices to steadily rise in most metro areas during the second quarter, according to the latest quarterly report by the National Association of Realtors®.

The median existing single-family home price increased in 93 percent of measured markets1, with 163 out of 176 metropolitan statistical areas2 (MSAs) showing gains based on closings in the second quarter compared with the second quarter of 2014. Thirteen areas (7 percent) recorded lower median prices from a year earlier.

The number of rising markets in the second quarter increased compared to the first quarter, when price gains were recorded in 85 percent of metro areas. Thirty-four metro areas in the second quarter (19 percent) experienced double-digit increases, a decline from the 51 metro areas in the first quarter. Nineteen metro areas (11 percent) experienced double-digit increases in the second quarter of 2014.

Lawrence Yun, NAR chief economist, says the housing market has shifted into a higher gear in recent months. “Steady rent increases, the slow rise in mortgage rates and stronger local job markets fueled demand throughout most of the country this spring," he said. “While this led to a boost in sales paces not seen since before the downturn, overall supply failed to keep up and pushed prices higher in a majority of metro areas."

Adds Yun, “With home prices and rents continuing to rise and wages showing only modest growth, declining affordability remains a hurdle for renters considering homeownership — especially in higher-priced markets."

The national median existing single-family home price in the second quarter was $229,400, up 8.2 percent from the second quarter of 2014 ($212,000). The median price during the first quarter of this year increased 7.1 percent from a year earlier.

The five most expensive housing markets in the second quarter were the San Jose, Calif., metro area, where the median existing single-family price was $980,000; San Francisco, $841,600; Anaheim-Santa Ana, Calif., $685,700; Honolulu, $698,600; and San Diego, $547,800.

The five lowest-cost metro areas in the second quarter were Cumberland, Md., where the median single-family home price was $82,400; Youngstown-Warren-Boardman, Ohio, $85,000; Rockford, Ill., $94,700; Decatur, Ill., $96,000; and Elmira, N.Y., $98,300.

Total existing-home sales3, including single family and condo, increased 6.6 percent to a seasonally adjusted annual rate of 5.30 million in the second quarter from 4.97 million in the first quarter, and are 8.5 percent higher than the 4.89 million pace during the second quarter of 2014.

“The ongoing rise in home values in recent years has greatly benefited homeowners by increasing their household wealth," says Yun. “In the meantime, inequality is growing in America because the downward trend in the homeownership rate means these equity gains are going to fewer households."

At the end of the second quarter, there were 2.30 million existing homes available for sale4, slightly above the 2.29 million homes for sale at the end of the second quarter in 2014. The average supply during the second quarter was 5.1 months — down from 5.5 months a year ago.

Metro area condominium and cooperative prices — covering changes in 61 metro areas — showed the national median existing-condo price was $217,400 in the second quarter, up 3.1 percent from the second quarter of 2014 ($210,800). Fifty metro areas (82 percent) showed gains in their median condo price from a year ago; 11 areas had declines.

Rising home prices weighed on affordability in the second quarter compared to the second quarter of last year despite an uptick in the national family median income ($66,637)5. To purchase a single-family home at the national median price, a buyer making a 5 percent downpayment would need an income of $49,195, a 10 percent downpayment would require an income of $46,605, and $41,427 would be needed for a 20 percent downpayment.

NAR President Chris Polychron, executive broker with 1st Choice Realty in Hot Springs, Ark., says Realtors® are reporting strong competition and limited days on market for available homes — especially at the entry-level price range. “Buyers should work with their Realtor® to deploy a negotiation strategy that helps their offer stand out," he said. “If a bidding war occurs, it’s important for the buyer to stay patient and only counteroffer up to what he or she can comfortably afford. It’s better to walk away and wait for the right home instead of being in a situation where one has purchased a home above their means."

Regional Breakdown
Total existing-home sales in the Northeast increased 10.3 percent in the second quarter and are 8.6 percent above the second quarter of 2014. The median existing single-family home price in the Northeast was $269,300 in the second quarter, up 5.2 percent from a year ago.

In the Midwest, existing-home sales jumped 13.4 percent in the second quarter and are 12.7 percent higher than a year ago. The median existing single-family home price in the Midwest increased 8.7 percent to $182,000 in the second quarter from the same quarter a year ago.

Existing-home sales in the South fell rose 1.1 percent in the second quarter and are 6.3 percent above the second quarter of 2014. The median existing single-family home price in the South was $202,900 in the second quarter, 8.7 percent above a year earlier.

In the West, existing-home sales climbed 8.1 percent in the second quarter and are 8.1 percent above a year ago. The median existing single-family home price in the West increased 9.6 percent to $325,200 in the second quarter from the second quarter of 2014.

The National Association of Realtors®, “The Voice for Real Estate," is America’s largest trade association, representing 1 million members involved in all aspects of the residential and commercial real estate industries.

# # #

NOTE: NAR releases quarterly median single-family price data for approximately 170 Metropolitan Statistical Areas (MSAs). In some cases the MSA prices may not coincide with data released by state and local Realtor® associations. Any discrepancy may be due to differences in geographic coverage, product mix, and timing. In the event of discrepancies, Realtors® are advised that for business purposes, local data from their association may be more relevant.

Data tables for MSA home prices (single family and condo) are posted at http://www.realtor.org/topics/metropolitan-median-area-prices-and-affordability. If insufficient data is reported for a MSA in particular quarter, it is listed as N/A. For areas not covered in the tables, please contact the local association of Realtors®.

1The Ann Arbor, MI MSA and Harrisburg-Carlisle, PA MSA will now be included in the single-family price report.

2Areas are generally metropolitan statistical areas as defined by the U.S. Office of Management and Budget. NAR adheres to the OMB definitions, although in some areas an exact match is not possible from the available data. A list of counties included in MSA definitions is available at: http://www.census.gov/population/estimates/metro-city/List4.txt.

Regional median home prices are from a separate sampling that includes rural areas and portions of some smaller metros that are not included in this report; the regional percentage changes do not necessarily parallel changes in the larger metro areas. The only valid comparisons for median prices are with the same period a year earlier due to seasonality in buying patterns. Quarter-to-quarter comparisons do not compensate for seasonal changes, especially for the timing of family buying patterns.

Median price measurement reflects the types of homes that are selling during the quarter and can be skewed at times by changes in the sales mix. For example, changes in the level of distressed sales, which are heavily discounted, can vary notably in given markets and may affect percentage comparisons. Annual price measures generally smooth out any quarterly swings.

NAR began tracking of metropolitan area median single-family home prices in 1979; the metro area condo price series dates back to 1989.

Because there is a concentration of condos in high-cost metro areas, the national median condo price often is higher than the median single-family price. In a given market area, condos typically cost less than single-family homes. As the reporting sample expands in the future, additional areas will be included in the condo price report.

3The seasonally adjusted annual rate for a particular quarter represents what the total number of actual sales for a year would be if the relative sales pace for that quarter was maintained for four consecutive quarters. Total home sales include single family, townhomes, condominiums and co-operative housing.

Seasonally adjusted rates are used in reporting quarterly data to factor out seasonal variations in resale activity. For example, sales volume normally is higher in the summer and relatively light in winter, primarily because of differences in the weather and household buying patterns.

4Total inventory and month’s supply data are available back through 1999, while single-family inventory and month’s supply are available back to 1982 (prior to 1999, single-family sales accounted for more than 90 percent of transactions and condos were measured only on a quarterly basis).

5Income figures are rounded to the nearest hundred, based on NAR modeling of Census data. Qualifying income requirements are determined using several scenarios on downpayment percentages and assume 25 percent of gross income devoted to mortgage principal and interest at a mortgage interest rate of 4.0%.

NOTE: Existing-Home Sales for July will be released August 20, and the Pending Home Sales Index for July will be released August 27; release times are 10:00 a.m. EDT.

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