For the first time since December 2006, there was a year-over-year increase in the monthly count of new-home sales in California, according to the California Building Industry Association.

The association’s monthly CBIA/Hanley Wood Market Intelligence (HWMI) New-Home Sales and Pricing Report showed sales in new-home communities of 10 units or more were 25% above October 2008. New-home and condominium sales rose to 2,294 this year from 1,838 last year.

Condominium sales were up a whopping 94%, townhomes and “-plexes” — duplexes, triplexes, etc. — were up 36%, and sales of single-family homes were up 4%. The San Francisco Bay Area led the change with a more than 100% increase in new-homes sales in the San Francisco, Peninsula and Silicon Valley areas.

The rise represents the first notable increase since the start of the housing downturn. HWMI’s director of published research, Jonathan Dienhart, said in a statement that the numbers must be viewed in the proper context.

“While this month’s figures are encouraging, we must keep in mind that we’re comparing the figures to October of 2008, which was the second-lowest month of nominal sales we’ve seen during the downturn,” Dienhart said in a statement.

Deinhart also said the first-time homebuyer tax credit, orginially set to expire in November, could be distorting the market due to buyers rushing to meet the deadline.

The median base price of homes sold was down 4% year-over-year, according to the report.

Non-seasonally adjusted total new-home sales were 1% below levels seen in September, but were an improvement from the 29% decrease seen last year for the same month-to-month period.

On Sunday, December 6, from 1 to 6 PM, the Castle Green will open its doors for a semi-annual home tour. Our listing, units 405 & 406, will be among the 20+ private residences open to visitors. Check out the post on Curbed LA for more information.

The federal government recently extended and expanded the federal tax credit for home buyers. The tax credit now concludes June 30, 2010 instead of Nov. 30, 2009, and also includes existing homeowners who meet certain qualifications.

PLEASE KEEP THIS IN MIND

• Current homeowners are eligible for a $6,500 federal tax credit if they have lived in their current home for a consecutive five out of the last eight years, and the adjusted household income does not exceed $125,000 for single files or $225,000 for join filers.
• The expanded tax credit went into effect Nov. 6, the day President Obama signed the bill. Homes that close escrow between Nov. 6, 2009 and June 30, 2010 are eligible to apply for the tax credit.
• The legislation does not require homeowners to sell their current residence; however, the new home must be the primary residence and the price of the home must not exceed the limit of $800,000. Homeowners who plan to retain their current home as a rental or second home are advised to move into the new home the day escrow closes so there is no question it was the principal residence at the time of the tax credit.
• Almost all housing types are eligible, including new and existing single-family homes, condominiums, manufactured or mobile homes, and boats that serve as the owner’s principal residence. Second homes and investment properties are not eligible.
• Home buyers in 2009—those who close after Nov. 6, but no later than Dec. 31, can claim the $6,500 credit on their 2009 federal tax returns, or amend their 2008 returns. Similarly, eligible buyers in 2010 will be able to file for the credit on their 2009 returns or 2010 returns. All home buyers should talk to a tax advisor regarding timing decisions.

Bottom line…if you’ve been considering a move up or down from your current residence, here is one more reason to do so. Call or email us to discuss the possibilities.

Much confusion remains about the newly-revised rules for the first time home buyer tax credit.  I think this web page does a wonderful job of explaining the specifics:

http://www.federalhousingtaxcredit.com/faq1.php

Based on conversations with our clients and with other Realtors, even more confusion abounds about the rules for the newly-adopted repeat home buyer tax credit. Again, this page does a great job of laying out the facts:

http://www.federalhousingtaxcredit.com/faq2.php

One major caveat… both of these credits are only valid on homes that are in escrow by April 30, 2010.  So, don’t delay! Call us today to start looking for your new home.

We’ve just listed a sophisticated flat in the Castle Green, Pasadena’s famous 1898 landmark:

Facing east toward the sunrise, with two balconies perched above the treetops, it offers sweeping views of the City and the San Gabriel Mountains. A union of two separate units, #405 & #406 feature a living room, a bedroom, and two beautifully updated baths in addition to high ceilings, historic wood detailing, two faux fireplaces and polished concrete floors. The tastefully remodeled kitchen has marble counters, stainless appliances, period fixtures and custom cabinets. In both the living room and bedroom, there are lovely Murphy beds framed in wood and complete with shelves, niches and storage. Amenities include the use of the Castle Green’s public spaces, a doorman and elevator operator,  full-time building staff, and proximity to the Gold Line and the wealth of Pasadena’s cultural resources.

The Castle Green is located at 99 South Raymond Avenue. This home, priced at $389,000, presents a rare opportunity to own a very livable, secluded condominium in the heart of Old Pasadena. Please visit our website, www.Haussler.com, for additional photos and information.

Our website, www.Haussler.com, has just undergone a major face lift. In honor of its 10-year anniversary, Steve and I decided to give it a completely new look.

But we didn’t stop there…we added tons of new content, too. It took over a year to finish, but we’re quite happy with the result. Please visit, explore, and let us know what you think.

The California Association of Realtors (“C.A.R.”) reported that home sales increased 2.1% in September in California compared with the same period a year ago, while the median price of an existing home declined 7.3%.

“The market’s momentum continued in September, as many home buyers took advantage of the federal tax credit for first-time home buyers,” said C.A.R. President James Liptak. “The success of the federal tax credit is clear. Nearly 70% of first-time home buyers report that the tax credit was ‘the most important’ or a ‘very important’ factor in their decision to buy a home.”

“C.A.R. is calling for the U.S. Senate to swiftly adopt the Dodd-Lieberman-Isakson amendment, which would extend the federal tax credit through June 30, 2010, remove the first-time buyer requirement and extend the credit to all home buyers, and increase the qualifying income limits so more families are eligible for the credit.”

Closed escrow sales of existing, single-family detached homes in California totaled 530,520 in September at a seasonally adjusted annualized rate, according to information collected by C.A.R. from more than 90 local REALTOR® associations statewide. Statewide home resale activity increased 2.1% from the revised 519,530 sales pace recorded in September 2008. Sales in September 2009 increased 0.6% compared with the previous month.

The statewide sales figure represents what the total number of homes sold during 2009 would be if sales maintained the September pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.

The median price of an existing, single-family detached home in California during September 2009 was $296,090, a 7.3% decrease from the revised $319,310 median for September 2008, C.A.R. reported. The September 2009 median price rose 1.1% compared with August’s $292,960 median price.

“A new milestone was reached in September, when five C.A.R. regions reported positive year-to-year increases in the median price, the first such increase since January 2008,” said C.A.R. Vice President and Chief Economist Leslie-Appleton-Young. “September also marked the seventh consecutive month of month-to-month increases in the statewide median price and the first single-digit decline in the year-to-year median price since October 2007, after 22 consecutive months of double-digit decreases.”

“Efforts by the government to stimulate housing and the economy clearly are impacting the market. Sales have exceeded 500,000 homes for 13 consecutive months, and now are 33.1% higher on a year-to-date basis compared with 2008,” added Appleton-Young.

Highlights of C.A.R.’s resale housing figures for September 2009:

• C.A.R.’s Unsold Inventory Index for existing, single-family detached homes in September 2009 was 4.2 months, compared with 6.5 months (revised) for the same period a year ago. The index indicates the number of months needed to deplete the supply of homes on the market at the current sales rate.
• Thirty-year fixed-mortgage interest rates averaged 5.06% during September 2009, compared with 6.04% in September 2008, according to Freddie Mac. Adjustable-mortgage interest rates averaged 4.59% in September 2009, compared with 5.14% in September 2008.
• The median number of days it took to sell a single-family home was 33.6 days in September 2009, compared with 46.2 days (revised) for the same period a year ago.

Regional MLS sales and price information are contained in the tables that accompany this press release. Regional sales data are not adjusted to account for seasonal factors that can influence home sales. The MLS median price and sales data for detached homes are generated from a survey of more than 90 associations of REALTORS® throughout the state. MLS median price and sales data for condominiums are based on a survey of more than 60 associations. The median price for both detached homes and condominiums represents closed escrow sales.

In a separate report covering more localized statistics generated by C.A.R. and DataQuick Information Systems, 65 of the 406 cities and communities reporting showed an increase in their respective median home prices from a year ago. DataQuick statistics are based on county records data rather than MLS information. DataQuick Information Systems is a subsidiary of Vancouver-based MacDonald Dettwiler and Associates. (The lists are generated for incorporated cities with a minimum of 30 recorded sales in the month.)

• Statewide, the 10 cities with the highest median home prices in California during September 2009 were: Manhattan Beach, $1,502,000; Burlingame, $1,401,100; Saratoga, $1,297,500; Los Altos $1,275,000; Palos Verdes Estates, $1,163,500; Calabasas, $1,073,500; Newport Beach, $1,050,000; Los Gatos, $1,050,000; Santa Monica, $1,025,000; Cupertino, $950,000; and Rancho Palos Verdes, $912,500.
• Statewide, the cities with the greatest median home price increases in September 2009 compared with the same period a year ago were: San Juan Capistrano, 40.2%; San Rafael, 30.5%; Moorpark, 29.8%; Thousand Oaks, 20.7%; Calabasas, 19.3%; Lake Forest, 17.7%; Walnut, 13.6%; El Cajon, 13.5%; Tustin, 13.1%; and Big Bear Lake, 12.1%.

Some interesting news on the home mortgage front from the California Association of Realtors:

Near historic low mortgage rates, favorable home prices, and the federal tax credit for first-time home buyers have contributed to home purchases in the past year. However, the onset of the credit crisis, new regulations for home appraisals, and more stringent guidelines for purchases and refinances have resulted in confusion for some potential home buyers.

While using a mortgage broker to find the best loan may work for some buyers, it may not always be the best route. In the past, mortgage brokers could “shop” a loan to multiple lenders to help find the best deal. However, new practices and procedures under the Home Valuation Code of Conduct (HVCC) have hampered mortgage brokers’ abilities, namely that lenders may no longer accept home appraisals commissioned by brokers. As a result, consumers may have to pay for new appraisals with each lender, which costs time and money. However, consumers who are very busy or need guidance may find that working with a mortgage broker is the easiest solution.

Qualifying for a mortgage under current lender standards is more difficult nowadays than in years past. Beginning Nov. 1 or Dec. 12, depending on the type of loan, Fannie Mae is tightening its lending standards to the 620 credit score benchmark—including loans backed by the Federal Housing Administration and Veterans Affairs. Borrowers with credit scores of less than 620 will find it very difficult to qualify for a mortgage. However, to qualify for the best rates, consumers generally need credit scores of 720 and must have verifiable, steady income. As for loan type, most real estate professionals agree that a fixed-rate mortgage is the best choice for buyers and refinancers.

We’ve just listed 811 North Altadena Drive in Pasadena for $489,000. This lovely townhouse is located in Mountain Park Villas, set in a great Northeast Pasadena neighborhood. The spacious floor plan features three bedrooms, two and one-half remodeled baths, open kitchen with granite counters and walk-in pantry, front patio, and an attached two-car garage. The master suite has a large bath, a balcony, plus views of Victory Park and the San Gabriel Mountains. Recent upgrades include maple floors on the first floor and carpet on the upper level, while other amenities include central air and a gas fireplace in the living room. The well-maintained complex offers broad walkways, a pool, spa and sauna in addition to convenient access to shopping and transportation.

This is an excellent value for a turn-key property! And, it’s a standard sale — not a short sale or an R.E.O.

Please visit our web site, www.Haussler.com, for additional photos and stop by the Open Houses on Thursday, October 15th, from 10:00 AM to 2 PM, Tuesday, October 20th, from 10:30 to 1, and Sunday, October 25th, from 2 to 4.

Steve and I are proud to be sponsoring the 2009 Craftsman Weekend House Tour!  This annual event, presented by Pasadena Heritage, is the signature event of the Craftsman Weekend. The in-depth tour provides the opportunity to experience the rich variety of Craftsman architecture that makes Pasadena a destination for Arts & Crafts enthusiasts from across the country. Experienced docents provide detailed histories of each of the featured homes while guests examine the natural materials, fine craftsmanship, and exquisite detailing that exemplify the Craftsman era.

The tour will be held on October 18th, between 9 AM and 4 PM. Tickets are $40 for members of Pasadena Heritage and $45 for non-members. For more information, please visit www.pasadenaheritage.org. We hope to see you there!