ADVERTISING SUPPLEMENT Record High Prices Local Home Sales 27% of Buyers Can Afford a Home Housing affordability in California remained at the lowest level since mid-2018 as higher home prices fueled by a shortage of homes for sale pushed the state's median home price more than 22 percent higher on a year-over-year basis. That resulted in an 8 percentage-point annual decline in California's hous- ing affordability index in the first quarter of 2021, the California Associa- tion of Realtors reported Tuesday. The percentage of homebuyers who could afford to purchase a median-priced, existing single-family home in California in first-quarter 2021 dropped to 27 percent from 35 percent in the first quarter of 2020. The first-quarter 2021 figure is less than half of the affordability index peak of 56 percent in the first quarter of 2012. Soar Compared to April 2020 Souniond Regional Assooston of Reatorse Sales of existing single-family homes and condominiums shot off the chart during April com- pared to 12 months ago when the Coronavirus pandemic forced stay-at-home orders and business closures, the South- land Regional Association of Realtors reported Thursday. SOUTHLAND REGIONAL ASSOCIATION OF REALTORS", INC. and condominiums that changed which is an unprecedented run. "People are eager for a home, eager to capture today's low interest rates on home loans," said Tim Johnson, the Association's chief executive of- ficer. "Yet that strong demand, when limited by a record-low supply, fuels owners. The record single-family me- dian price of $935,000 was up 26.4 percent from a year ago. It was only the second time above the $900,000 benchmark. California Housing Affordability Q1 2021 Realtors as- sisted the close of escrow on 489 homes and 210 condo- HAI Price Income "To have the San Fernando Valley's home median price inching closer to record of The con- dominium median price 27% $720,490 da oe ara tON ms $131,200 miniums during ol Calomia households could afford to purchase a median-priced home monhy pemenn $540,000 was 11.3 percent April in the San $1 million is remarkable ... Fernando Val- ley. Those totals were up 85.9 percent and 156.1 percent respectively. fede mone of 30 HALYTY Growth Price YTY Gronth Income YTY Growth the rocket-like rise in home resale prices." Home prices had been rising steadily since hitting rock bottom at $339,000 in December 2011 in the wake of the Great Recession. above a year ago and the fourth month above $500,000. "To have the San Fernando Valley home median price inching closer to $1 million is remarkable," Sydell said, "and a little difficult to comprehend." At the current pace of sales, the 620 active listings represented a Realtor Diane Sydell, 2021 SRAR President Both tallies were down slightly from sales activity this March, though But prices picked up momentum in they were at the high end of monthly late 2019 and the pandemic in 2020 numbers reported in the months and years prior to the pandemic. "Sales lost during the April and May 2020 lockdown as local real estate adapted to new showing proce- dures and strict COVID-19 safety protocols were made up in the closing months of the year," said Diane Sydell, the Association's president. "This April's sales reflect continuing strong demand for housing, limited primar- ily by an inventory that was tight long before the pandemic and is even tighter today." The 620 active listings reported throughout the San Fernando Valley at the end of April tied the record low and were 36.0 percent below 12 months ago. It was the fourth con- secutive month the inventory came in below the 700-listing benchmark, 0.9-month SFV Total Active Listings - Combined Residential supply. Over the last 34 years, the average Homebuyers, Sellers Gap Widens monthly listing Fueled by an ongoing shortage of inventory, a national survey found tally was more than 5,300 that prospective homebuyers soured on their chances for the first time since data collection began, a downturn that was offset by the ongoing optimism among homeowners about current selling conditions. Fannie Mae's Home Purchase Sentiment Index decreased in April by 2.7 points to listings and a 5.6-month sup- ply, according to Association statistics. Remark- 79.0. Year over year, the HPSI was up 16.0 points. feb Mar A May A 12 L12 LI00 Set No "Consumer sentiment toward buying homes reached the lowest level in our survey's ten-year history," said Doug Duncan, Fannie Mae's senior vice president and chief economist. "Únsurprisingly, respondents overwhelmingly cited the lack of 201 LIO 1261 04 787 T 1004 ably, even with a vanishing inventory, sales are likely to remain high in the months supply and high home prices as primary reasons for their pessimism." Conversely, Duncan suid consumer positivity regarding home-selling conditions nearly matched its all-time high, demonstrating a large divergence in perceived conditions between sellers and buyers, as measured by the gap between the two Single-Family Median Price $1.000 p00 components. S00.000 "As has become standard discourse in the housing industry recently,"he said, "increasing the supply of homes for sale would certainly help bring balance to this strong seller's market, but unfortunately the most recent data doesnt suggest that ahead. There were 724 pend- ing escrows at the end of April. That was up 143.8 per- cent from April 2020 when even in the throws of a pandemic there were 297 open escrows. S00.000 inventory is likely to improve in the near future." 5200,000 Good/Bad Time to Buy-The percentage of respondents who said it was a good time to buy a home decreased from 53 percent to 47 percent, while the percent- age who said it was a bad time to buy increased from 40 percent to 48 percent. Good/Bad Time to Sell-The per- centage of respondents who said it was a good time to sell a home increased from 61 percent to 67 percent, while the percentage who said it's a bad time to sell decreased from 28 percent to 26 S00.000 Mah RI So So SLO S Steo so Interest Rate Update Lo 1 sa inae inso National average an reported by Freddie Mac on: added fuel to their meteoric rise. Records have fallen month-after- month and in April the median price- meaning half the sales had a higher price and half a lower price - again saw new highs for the homes The Southtand Regional Associaton of Real torse isa local trade association with more than 10,300 members senving the San Fermando and Santa Clarita Valeys. SRAR is one of the langest local associations in the nation. MAY 6 30 Yr FRM - 2.96 percent 15-Yr FRM - 2.3 percent April 29 30 Yr FRM - 2.98 percent 15 Yr FRM - 2.31 percent percent. THE VOICE OF REAL ESTATE IN THE SAN FERNANDO AND SANTA CLARITA VALLEYS www.SRAR.com | Real Estate Questions? E-mail Diane Sydell, SRAR 2021 President, c/o DavidW@SRAR.com REALTORS is a federally registered collective membership mark which identifies a real estate professional who is a Member of the NATIONAL ASSOCIATION OF REALTORSe and subscribes to its strict Code of Ethies. ADVERTISING SUPPLEMENT Record High Prices Local Home Sales 27% of Buyers Can Afford a Home Housing affordability in California remained at the lowest level since mid-2018 as higher home prices fueled by a shortage of homes for sale pushed the state's median home price more than 22 percent higher on a year-over-year basis. That resulted in an 8 percentage-point annual decline in California's hous- ing affordability index in the first quarter of 2021, the California Associa- tion of Realtors reported Tuesday. The percentage of homebuyers who could afford to purchase a median-priced, existing single-family home in California in first-quarter 2021 dropped to 27 percent from 35 percent in the first quarter of 2020. The first-quarter 2021 figure is less than half of the affordability index peak of 56 percent in the first quarter of 2012. Soar Compared to April 2020 Souniond Regional Assooston of Reatorse Sales of existing single-family homes and condominiums shot off the chart during April com- pared to 12 months ago when the Coronavirus pandemic forced stay-at-home orders and business closures, the South- land Regional Association of Realtors reported Thursday. SOUTHLAND REGIONAL ASSOCIATION OF REALTORS", INC. and condominiums that changed which is an unprecedented run. "People are eager for a home, eager to capture today's low interest rates on home loans," said Tim Johnson, the Association's chief executive of- ficer. "Yet that strong demand, when limited by a record-low supply, fuels owners. The record single-family me- dian price of $935,000 was up 26.4 percent from a year ago. It was only the second time above the $900,000 benchmark. California Housing Affordability Q1 2021 Realtors as- sisted the close of escrow on 489 homes and 210 condo- HAI Price Income "To have the San Fernando Valley's home median price inching closer to record of The con- dominium median price 27% $720,490 da oe ara tON ms $131,200 miniums during ol Calomia households could afford to purchase a median-priced home monhy pemenn $540,000 was 11.3 percent April in the San $1 million is remarkable ... Fernando Val- ley. Those totals were up 85.9 percent and 156.1 percent respectively. fede mone of 30 HALYTY Growth Price YTY Gronth Income YTY Growth the rocket-like rise in home resale prices." Home prices had been rising steadily since hitting rock bottom at $339,000 in December 2011 in the wake of the Great Recession. above a year ago and the fourth month above $500,000. "To have the San Fernando Valley home median price inching closer to $1 million is remarkable," Sydell said, "and a little difficult to comprehend." At the current pace of sales, the 620 active listings represented a Realtor Diane Sydell, 2021 SRAR President Both tallies were down slightly from sales activity this March, though But prices picked up momentum in they were at the high end of monthly late 2019 and the pandemic in 2020 numbers reported in the months and years prior to the pandemic. "Sales lost during the April and May 2020 lockdown as local real estate adapted to new showing proce- dures and strict COVID-19 safety protocols were made up in the closing months of the year," said Diane Sydell, the Association's president. "This April's sales reflect continuing strong demand for housing, limited primar- ily by an inventory that was tight long before the pandemic and is even tighter today." The 620 active listings reported throughout the San Fernando Valley at the end of April tied the record low and were 36.0 percent below 12 months ago. It was the fourth con- secutive month the inventory came in below the 700-listing benchmark, 0.9-month SFV Total Active Listings - Combined Residential supply. Over the last 34 years, the average Homebuyers, Sellers Gap Widens monthly listing Fueled by an ongoing shortage of inventory, a national survey found tally was more than 5,300 that prospective homebuyers soured on their chances for the first time since data collection began, a downturn that was offset by the ongoing optimism among homeowners about current selling conditions. Fannie Mae's Home Purchase Sentiment Index decreased in April by 2.7 points to listings and a 5.6-month sup- ply, according to Association statistics. Remark- 79.0. Year over year, the HPSI was up 16.0 points. feb Mar A May A 12 L12 LI00 Set No "Consumer sentiment toward buying homes reached the lowest level in our survey's ten-year history," said Doug Duncan, Fannie Mae's senior vice president and chief economist. "Únsurprisingly, respondents overwhelmingly cited the lack of 201 LIO 1261 04 787 T 1004 ably, even with a vanishing inventory, sales are likely to remain high in the months supply and high home prices as primary reasons for their pessimism." Conversely, Duncan suid consumer positivity regarding home-selling conditions nearly matched its all-time high, demonstrating a large divergence in perceived conditions between sellers and buyers, as measured by the gap between the two Single-Family Median Price $1.000 p00 components. S00.000 "As has become standard discourse in the housing industry recently,"he said, "increasing the supply of homes for sale would certainly help bring balance to this strong seller's market, but unfortunately the most recent data doesnt suggest that ahead. There were 724 pend- ing escrows at the end of April. That was up 143.8 per- cent from April 2020 when even in the throws of a pandemic there were 297 open escrows. S00.000 inventory is likely to improve in the near future." 5200,000 Good/Bad Time to Buy-The percentage of respondents who said it was a good time to buy a home decreased from 53 percent to 47 percent, while the percent- age who said it was a bad time to buy increased from 40 percent to 48 percent. Good/Bad Time to Sell-The per- centage of respondents who said it was a good time to sell a home increased from 61 percent to 67 percent, while the percentage who said it's a bad time to sell decreased from 28 percent to 26 S00.000 Mah RI So So SLO S Steo so Interest Rate Update Lo 1 sa inae inso National average an reported by Freddie Mac on: added fuel to their meteoric rise. Records have fallen month-after- month and in April the median price- meaning half the sales had a higher price and half a lower price - again saw new highs for the homes The Southtand Regional Associaton of Real torse isa local trade association with more than 10,300 members senving the San Fermando and Santa Clarita Valeys. SRAR is one of the langest local associations in the nation. MAY 6 30 Yr FRM - 2.96 percent 15-Yr FRM - 2.3 percent April 29 30 Yr FRM - 2.98 percent 15 Yr FRM - 2.31 percent percent. THE VOICE OF REAL ESTATE IN THE SAN FERNANDO AND SANTA CLARITA VALLEYS www.SRAR.com | Real Estate Questions? E-mail Diane Sydell, SRAR 2021 President, c/o DavidW@SRAR.com REALTORS is a federally registered collective membership mark which identifies a real estate professional who is a Member of the NATIONAL ASSOCIATION OF REALTORSe and subscribes to its strict Code of Ethies.