REAL ESTATE NEWS
NAR’s Yun: ‘The Market Is Quite Unusual’
“The market is quite unusual as sales are coming down, but listed homes are still selling swiftly, and home prices are much higher than a year ago,” says Lawrence Yun, NAR’s chief economist.
Here’s a closer look at the key indicators from NAR’s latest housing report.
- Home prices: The median existing-home sales price increased at a slower year-over-year pace of 14.8% in April. Median home prices were $391,200 nationwide. Home prices continued to increase in every region of the U.S.
- Days on the market: Eighty-eight percent of homes sold in April were on the market for less than a month. Properties remained on the market for 17 days in April, the same as last month and as a year ago.
- First-time buyers: First-time homebuyers comprised 28% of sales in April, down from 31% a year ago.
- Investors and second-home buyers: Individual investors and second-home buyers accounted for 17% of home sales in April, the same as a year ago. These buyers tend to make up the bulk of all-cash sales, which accounted for 26% of transactions in April, also about the same as a year ago. “The cash buyers, not impacted by mortgage rate changes, remain elevated,” Yun says.
- Distressed sales: Foreclosures and short sales remain historically low, representing less than 1% of sales in April and down from 2% a year earlier.
- Housing inventory: Total housing inventory is up 10.8% in April compared to March and down 10.4% from a year ago. Unsold inventory sits at a 2.2-month supply at the current sales pace. “Housing supply has started to improve, albeit at an extremely sluggish pace,” Yun says.
Understanding Housing Inventory and What It Means for You
There are precious few homes on the market right now. Here’s why.
Anyone in the market for a new home can probably tell you options are limited right now. As of mid-April 2022, the number of active listings for homes was down 22% for the year, according to the National Association of Realtors. That’s on top of the housing inventory hitting the lowest level ever recorded last December.
“During the pandemic, people stopped selling their houses,” says Lisa Knee, chair of real estate services for advisory firm EisnerAmper in New York City.
While people now seem ready to put the pandemic behind them, housing inventory levels could take years to rebound. Experts say that’s thanks to factors ranging from the 2008 housing crisis to an influx of millennial homebuyers. The bottom line for buyers and sellers is that the housing market will continue to provide both challenges and opportunities for some time to come.
April 2022 Monthly Housing Market Trends Report
- Although inventory is closer to catching up with last year, home shoppers are still contending with fewer homes for sale.
- The national inventory of active listings declined by 12.2% over last year, while the total inventory of unsold homes, including pending listings, declined by 10.7%.
- The inventory of active listings was down 60.1% compared to 2020 right at the onset of the COVID-19 pandemic. In other words, for every 5 homes available for sale in the earlier period, today there are just 2.
- A similar number of homeowners are listing homes for sale compared to this time last year, but the number still lags what was typical pre-pandemic.
- Newly listed homes were down 0.9% nationally compared to a year ago, and down 1.8% for large metros over the past year.
- Sellers still listed at rates 13.0% lower than typical 2017 to 2019 levels prior to the pandemic.
- Housing remains expensive and fast-paced with the median asking price at a new high while time on market is at a new low.
- The April national median listing price for active listings was $425,000, up 14.2% compared to last year and up 32.4% compared to April 2020.
- In large metros, median listing prices grew by 9.1% compared to last year, on average.
- Nationally, the typical home spent 34 days on the market in April, down 6 days from the same time last year and down 28 days from April 2020.
Ralene Nelson, REALTOR®
JUST LISTED – 366 Silver Ridge Dr. Rio Vista
2 bed/2 bath/1,579sqft
Asking $480,000. Clean Soraya model located in the Trilogy Active Adult Community. Tiled floors with carpet in bedrooms, quartz counters & lighter cabinets in kitchen. Kitchen has bar w/stools for entertaining/casual dining. Built in entertainment space in great room provides the chef access to the activities too. Dining area for more formal dining with slider to the covered patio area. Larger master bedroom, with double sinks & walk in closet in master bath. 2nd bedroom to the front of home with bath next to bedroom. Den can be utilized as an office or even 3rd bedroom. Larger lot with low maintenance gardens with drip system. Don’t miss the opportunity to own this home. Solar home, prepaid by builder for 20 yrs, 14 yrs remaining. Trilogy offers so many amenities with a low monthly HOA fee. Swimming pools/spas, tennis courts, bocce ball courts, billiards, & gym. Cafe & restaurant located in the development. READ MORE
FOR SALE – 13 Amador Cir, Rio Vista, 4bds/2.5bths/1,989sq.ft.
PRICE CHANGE $699,900 – Your beautiful dream home is on the market!! This remodeled home has a newer kitchen & baths, saltwater pool, spa, and gorgeous bbq kitchen with bar/firepit, refrigerator, ice maker & more. RV parking for 2, so your ski boat & RV will fit in the RV garage. The garage is equipped with sewer connection & electricity. Sliding doors open up to the pool area. Home is 3 bedroom, can be 4, & 2.5 baths. The master sitting area was the 4th bedroom, so can be closed off. The Master bath has double sinks, a walk-in shower, and a bidet & master bedroom have a large deck with views of the N hills. A spiral staircase off deck takes you to the pool area. The family room has an entertainment bar w/refrigerator & sink. Step out to the backyard to a swimming pool with solar heating, BBQ kitchen with all the amenities, an outdoor shower w/tankless water heater, and a stage for a band. No rear neighbors. The home also has a double-car garage as well, with indoor laundry. READ MORE
FOR SALE – 30 S 2nd St. Rio Vista, Residence and Commercial Building
Asking $699,500 – Are you looking for a home and in need of a business space? Or perhaps a home with a possibility of in-law quarters? This home might meet those requirements. Victorian style home with partial wrap-around porch provides a cozy place for morning coffee or afternoon beverage. 2 bedrooms up with 1.5 baths on the main floor. The possible room upstairs to add at a minimum 1/2 bath. Laminate flooring on the main floor with carpeted stairway & in bedrooms. HVAC & tankless water heater with inside laundry. 2nd building has been used as a commercial, however, could be added onto & remodeled to be ADU/2nd unit. READ MORE
FOR SALE – 303 Center St, Rio Vista, 4 bed 1.5 bath 1,775sqft
Asking – $380,000. Are you looking for a project, look no further. This 3 bedroom, 1.5 bath home is a perfect match for that project. Spacious with 1776 sq feet, needs some TLC, can be lovely home. Flooring is mixed, laminate, wood and carpet in bedrooms. This home does not have cental heat/air, but has wall air unit & gas unit. No garage, has large side yard for play or entertaining area. READ MORE
PENDING SALE – 2398 Walters Way #44, Concord, 2 bed 1 bath 720sqft
Price Reduced to $325,500 – Quiet location, end of cul de sac, Unit 44 is close to carport parking & is ground floor unit. Two bedroom, one bath, with vinyl flooring throughout. The kitchen has Formica counters with painted white cabinets. Refrigerator, washer/dryer convey with property. Small patio/fenced. Low HOA fees are $275, including a community swimming pool. Perfect home for first-time buyers or retirement, close to shopping. READ MORE
PENDING SALE – 2259 Revival Ln, Rio Vista, 2bd/2bth/1837sf
PRICE REDUCED – $555,000, Located in the new active adult community, Summit at Liberty, the Lincoln model is bright & cheery, and shows like a model home. Professionally landscaped with drip system & low maintenance, so just bring your furniture. Very private for the lot is fenced. The Lincoln model is a 3 bedroom 2 bath home with a room that can be used as formal dining, den or as seller, combo den/office. Laminate flooring throughout, blinds & custom paint. Granite kitchen counters, stainless sink & appliances with bar for dining. The pantry is large so will delight your chef. Seller has replaced ceiling fans and has installed a ceiling fan in the patio area. Comes with paid solar. The amenities are beautiful, pool, large spa, bocce ball courts, pickleball & tennis courts & even a wine bar area. READ MORE
PENDING SALE – 670 Rubier Way, Rio Vista, 4bd/2.5bth/1859sf
Asking – $545,000. This popular 2 story home in Rio Vista’s family development, Homecoming, is a move-in ready home. Exterior & interior have new paint including all cabinets (kitchen & baths) & railings/staircase. Laminate flooring in living/dining & family rooms with a tiled kitchen. The fireplace in the family room makes a cozy room in the cooler months. Carpet upstairs, with laminate in the master bedroom. The Master bedroom has his/her closets, double sinks in the bath & cabinets are painted. Hall bath also has a painted cabinet. The front bedroom is utilized as their classroom, it is a nice size bedroom with a walk-in closet. No rear neighbors make the backyard very private for BBQs. Home is equipped with a car charger for your electric car! Just bring your furniture. READ MORE
PENDING SALE – 470 Belvedere Dr. Rio Vista
Asking $575,000 – Located in the Active Adult Community, Trilogy, this beautiful Reflect model, with a larger lot, has been professionally landscaped with paver stone patio and walkway on side of house. Artificial turf side yard, & piped electricity to BBQ area. The backyard is a beautiful area for entertaining your family & friends. Close to the dog park, and there’s path around the lake. This 2 bedroom 2 bath home has granite counters with expresso cabinets, convection microwave & oven, and island. Tile throughout with carpet in bedrooms. Laundry has space for an additional refrigerator/freezer & garage has a utility sink. Water softener & water filtration system under kitchen sink. Just bring your toys and enjoy the activities that include 2 swimming pools/spas, tennis & bocce courts, 18 hole golf course, & more while enjoying a low HOA fee. READ MORE
Events in Northern California this Week-End
McCauley Estate Vineyards Wine & Dine
Sun, May 22, 2022, 12:00 PM – 4:00 PM
2525 Sunset Road, Brentwood CA
Wine & Dine at our beautiful estate on a gorgeous Sunday afternoon!
We will be serving our wines by the bottle and glass on Sunday May 22nd from 12pm-4pm. As always, we will have Tacos El Rulis on-site selling food and live Sax music by Eric Prosch.
Indoor and outdoor seating will be available. Dates will vary from month to month, so keep an eye out for our wine tastings on our Facebook, Instagram, and our Website. READ MORE
Sacramento Asian Pacific Film Festival
Asian American, Native Hawaiian, Pacific Islander Heritage Month with us at the 2022 Sacramento Asian Pacific Film Festival this weekend starting 11 AM Saturday, May 21 at The Sofia, Home of B Street Theatre!
Our hosts this year are AAPI Media Personality Shaline DeGuzman, Mrs. Vietnam Sacramento 2022 Angie Tran, and Mrs. Vietnam Sacramento 2020 Hannah Nguyen.
Visit www.SAPFF.org to purchase in-person tickets, virtual on-demand tickets for select screenings, and for additional film and schedule details. READ MORE
Calaveras County Fair & Jumping Frog Jubilee
2465 Gunclub Rd, Angels Camp, CA
Want to have a hoppin’ good time? Then hop on over to one of California’s longest continuously running county fairs – The Calaveras County Fair and Jumping Frog Jubilee! Try to break Rosie the Ribeter’s 36-year record for the longest frog jump, watch the Junior Rodeo and Stampede events, dine on corn dogs and funnel cakes, and stay Sunday for the ever-popular Demolition Derby! Purchase tickets online at www.frogtown.org, and you will be ready to play at the fair the moment you arrive. MORE INFO
Art, Wine & Music Festival 2022
Sat, May 21, 3 PM – Sun, May 22, 11 AM
60 Crescent Dr, Pleasant Hill, CA
8th Annual Art, Wine & Music Festival
Saturday, May 21st
- 11am – The Breedloves (acoustic duo)
- 12:45pm – The New Frantics
- 2:30pm – Garageland Rodeo
- 4:15pm – The Big Jangle
Sunday, May 22nd
- 11am – Duo Gadjo
- 12:45 – The Breedlovees & Friends
- 2:30 – Frankie G & the Conviction
- 4:30 – Bell Brothers