Existing Home Sales
Existing home sales were down a surprising 7.1 percent in February to a 5.080 million annualized rate. This rate was much lower than expected and well below economists’ low predictions of 5.200 million; it is the second lowest rate since February of last year. The report showed single-family sales down 7.2 percent at 4.510 million, and condos down 6.6 percent at 570,000. All regions within the U.S. show declines within the month. The median price is down 1.4 percent to $210,800 for the lowest reading since February of last year. Year-on-year the median is up 4.4 percent which is above the year-on-year sales rate of plus 2.2 percent, creating an imbalance that hints at further price reductions ahead.. One factor holding down sales and which reflects the low price levels is the lack of available homes on the market, which moved 3.3 percent higher in the month to 1.880 million, but is still down 1.1 percent compared to last year. Supply relative to sales, given the drop in sales and rise in supply, rose to 4.4 months from 4.0 months. This supply relative to sales number is still low especially when compared to the 4.6 months number this time last year.
FHFA House Price Index
Home prices picked up in January based on FHFA’s index which rose 0.5 percent in the month after declining going into the year-end of 2015. The year-on-year rate is at 6.0 percent for one of the best readings in the last couple of years. Given weakness in wage growth, home price appreciation is more important than ever for household wealth.
MBA Mortgage Applications
Purchase application for home mortgages fell back by 1 percent in the week of March 18th, bringing down the year-on-year increase, to a still strong 25 percent. Refinancing applications continued the decline of recent weeks dropping 5 percent in the latest week. Overall total mortgage application volume decreased by 3.3 percent. This is all despite the 1 basis point drop to 3.93 percent in the average rate for 30-year conforming loans.
New Home Sales
A surge of strength in the West supported an expected 2.0 percent rise in February new home sales to an annualized rate of 512,000, above economists’ predictions of a 510,000 rate. The west is a key region for the new home market, sales in the west jumped 39 percent in the month of February reversing January’s 33% decline. The median price jumped a monthly 6.2 percent to $301,400 but this number is still short of September’s record of $307,600. Lack of supply remains a problem for both existing home sales and new home sales. Supply in new home sales is being held down by a topping out in permits and by supply constraints in the construction sector including labor. Supply did increase 4,000 to a 7 year high of 240,000 units, but supply relative to sales remains unchanged at 5.6 months. This report which includes the gain for prices is a plus for housing. The housing sector that has opened the year on a soft note, struggling to hold above a 500,000 annualized pace over the past year.
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Located at the end of a cul-de-sac, this beautiful home is perfectly placed to take advantage of the exquisite views from the living room, den and front veranda. Meticulously maintained, you’ll find spacious rooms and a lovely climate-controlled sunroom for indoor/outdoor living. The charming backyard is just as inviting as the home. Abundant storage areas were well planned and the laundry closet is conveniently placed near the bedrooms. The master suite features a separate soaking tub and shower and a large walk-in closet. A recirculating pump is programed to make sure hot water is at the ready during peak times of use. The two-car garage is lined with multiple built-in cabinets and a very nice work bench. Motivated Sellers have priced this home for a quick sale so call your Realtor® to schedule a showing right away!
Kay Cementina 805.748.1438
Lovely two-bedroom, two-bathroom home located at the top of the Grover Beach hill crest in desirable Grover Heights neighborhood. Very close to shopping and easy access to freeway. Recent updates that include new kitchen appliances, bathroom fixtures, professional wall-color scheme, and flooring make this home elegant, classy, and comfortable. It also features a gas fireplace in the living room, and granite counter tops and a newer stove in the kitchen. The cozy dining room off the kitchen opens to a private outdoor patio area. (Pets are allowed!) Newer carpet up the stairs and in both bedrooms. The master bedroom has a large walk-in closet and views of the rolling hills to the east. The complex is regularly maintained and includes a swimming pool and tennis courts.
Kelly Vandeheuvel 805.471.1046
Walk into the open floor plan and enjoy the cozy fireplace, faux painting, and amazing hardwood flooring. Fabulous kitchen with granite slab counters, stainless steel appliances, with breakfast bar that opens to the living room. This beautiful home features a gorgeous master suite, located on the lower level. Upstairs includes 2 additional bedrooms with an open loft and an enclosed office, with beautiful custom cabinetry! To finish off this over the top home, you’ll find a hot tub, outdoor TV system and beautiful decking…This home is too beautiful not to see!
Wendy Teixeira 805.310.3505
Bring the family to this 4 bedroom, 2.5 bath home within desirable Deer Park Estates. Enjoy all the move-in ready appeal that includes new interior paint, new hardwood flooring in the living room, new carpet throughout the entire 2nd floor, and a completely remodeled kitchen with new granite countertops and tile backsplash. Conjoined kitchen and family room with gas fireplace provides a cozy atmosphere. The upstairs features an extra living area with a built-in office. The sizeable master bedroom opens up to a spa-like master bathroom equipped with a stand-up shower, soaking tub, dual vanities, and spacious walk-in closet. All 3 other bedrooms are upstairs with another full bathroom & utility room. Vaulted ceilings & ceiling fans throughout. Newly landscaped backyard with double entertaining decks. Located on 1/3 of an acre with room for a pool. All this and includes a 3-car finished garage that has new garage doors with designer windows. Come see it before it’s gone!!!
Cody Wilcoxson 805.748.2477
Great starter home or investment in Foothill Estates! This three bedroom, two bath home is ready for a new owner! Situated near the end of the culdesac with open space all around! Hurry,this one won’t last! $225,000
Wendy Teixeira 805.310.3505
Terrific west side location. Near shopping, transportation and schools. Enjoy low maintenance living in this well maintained complex. Terrific opportunity for primary owner or rental income. Enjoy the Paso lifestyle. World class wineries & eateries. Easy access to many recreational activities including local hot springs and all related water sports at Lake Nacimiento
LeeAnne Fisher 805.440.0251
Central Coast Lending is proud to announce our approved to offer a new loan program- the GSFA Platinum down payment assistance program! The GSFA Platinum down payment assistance program was created to help low to moderate income homebuyers in the state of California purchase a home by providing down payment and/or closing cost assistance in the form of a non-repayable grant
GSFA Platinum Program Features:
- Non-repayable grant for down payment and/or closing costs
- Grant sized up to 5% of the loan amount
- Program NOT limited to first-time home buyers
- FICO score requirement from 640 and up
- Available with various mortgage loans
- Now available with eligible refinances
GSFA Platinum is designed to be flexible and is available for the purchase of both new and existing homes, as long as the home will be the primary residence of the homebuyer. The program is not limited to first-time home buyers; existing home owners can apply too!
Qualifications for GSFA Platinum Program
- The homebuyer must meet GSFA’s specific qualifying guidelines for the program:
- Intend to occupy the home as the primary residence
- Meet the minimum credit score requirement of 640
- Not exceed the maximum debt-to-income ratio of 45%
- Qualifying income (total income used to qualify for the mortgage must not exceed Program Income Limits that are based on the location of the property)
*Income limits are determined by county and type of first mortgage
- The homebuyer must apply for the Program through a GSFA Platinum Participating Lender and meet all the qualifying guidelines for the type of mortgage loan being used to finance the purchase of the home. Conventional, FHA, VA, and USDA 30-year mortgages are all allowed. Current interest rates and APRS are available through a participating lender.
*Central Coast Lending is now a GSFA Platinum Participating Lender
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This beautiful 1204sf Pottery Barn-esque beach residence comes furnished and ready to move in. Original one-story cottage home built in 1949 was taken down to studs in 2008, then replaced with a beautiful two-story beach home. Your friends and guests will be impressed with the layout and designer details. Wood and travertine floors throughout. 100-year roof. Hunter-Douglass window treatment. Triple-pane windows maintain a quiet zone inside. Ideal for entertaining and beach living. Walk up another level to an entertainment-friendly roof deck patio with ocean views. Wet bar and refrigerator. Beautiful back patio with built-in barbecue, set in stacked-stone cabinets. Outdoor shower off patio. Almost all furniture sourced from Pottery Barn. Stainless steel appliances – Fisher & Paykel refrigerator, Frigidaire gas range and dishwasher, Kenmore washer and gas dryer. Rinnai tankless water heater, Cyclovac central vacuum, Hydrotech reverse osmosis water system
Rob Feder 805.305.1007
Located in the Laguna Lake area central to shopping, transportation & schools, this property is situated on an oversized lot. The back yard is spacious with mature fruit trees and landscaping. The solar room and work shop offer added living, working, storage and craft areas. There is ample off street parking. This home will suit a variety of lifestyles.
LeeAnne & George Fisher