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Thread: CA real estate

  1. #1
    Mandelon
    C.A.R.'S 2005 FORECAST CALLS FOR DOUBLE-DIGIT PRICE INCREASES, MODERATING SALES
    The median price of a single-family home in California will again increase by double-digits next year, reaching $522,930, while sales will decrease slightly from this year's pace to the second best year on record in 2005, according to C.A.R.'s "2005 Housing Market Forecast" released today at California REALTORĀ® EXPO 2004 in Santa Clara.
    The median home price in California will increase 15 percent to $522,930 in 2005 compared with a projected median of $454,720 this year, while sales for 2005 are projected to reach 603,700 units, falling 2.5 percent compared with 2004. The double-digit gain in the median price of a home, which California has experienced for most of the past four years, will again be fueled by the continuing shortage of housing across much of the state, according to C.A.R. economists. California typically gains nearly 250,000 new households, yet only will build about 200,000 new housing units this year, creating a shortfall of about 50,000 units. Home sales for California in 2004 are expected to reach a record 619,300 units, surpassing the prior sales record of 601,770 set in 2003, according to C.A.R. economists.
    "We expect the economy in 2005 to generate modest growth in jobs both nationally and here in California, while productivity gains and competition will likely keep inflation in check next year, " said C.A.R. Vice President and Chief Economist Leslie Appleton-Young. "While the increase in interest rates will be enough to moderate the pace of home sales in 2005, population and household growth will continue to put pressure on home prices, resulting in greater price appreciation in California compared with the nation."

  2. #2
    Phat Matt
    I guess I should go buy some rentals!

  3. #3
    *BN*
    Can you post a link to where you found this?
    TIA

  4. #4
    Scream
    Cool, means my house will have doubled in value in 4 years. It's good to finally be on the right side of things...
    Scream

  5. #5
    Mandelon
    They sent it to me, but it is the California Association of Realtors. www.car.org.

  6. #6
    jbtrailerjim
    Damn am I glad I bought my home 7 years ago when the market was crap. I don't know how young people can get into a new home, unless they are making some serious coin to afford a house in Cali.
    I think I'll just stay living in my home and sleep peacefully at night knowing I have all that equity built up in it.

  7. #7
    Dr. Eagle
    That is of course assuming that the interest rates don't spike .... :jawdrop:

  8. #8
    Kilrtoy
    I dont know if i buy that , That market is leveling and prices are going back down big time

  9. #9
    bigq
    So for some calculations (approx) :
    home price of 522k + Taxes and isurance+ a car payment and you only need to put down 200k and be making about 10k a month.
    I must be missing something, what percentage of people can do that?

  10. #10
    JustMVG
    I guess I should go buy some rentals!
    Thats what the wife and i are going into right now, want to have some income properties for the girls to have should anything happen to us, doing the think about the future thingy.
    Mike VG

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