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What is Slowing the California Housing Recovery?




The California housing market and our local market in the Sacramento area has slowed and is not reaching the earlier predictions of many real estate pundits. 

There appears to be three reasons why our housing market is not booming.  Distressed properties have declined significantly, although improving the job and credit market remains tight, and there are very few first-time buyers.

Although a good thing we have seen a dramatic drop in distressed property sales.  It was not that long ago when it seemed like every listing was a short sale or bank foreclosure.  Last year in July distressed properties made up almost 26 percent of sales.  This year they are down to 17 percent and declining.

Income and credit requirements have not kept pace with the rapid price gains over the past 18-months.  For prices to continue to move up we need to see incomes increase and/or the easing of credit terms.  We keep reading articles about credit getting easier but have yet to see any hard evidence.  The job market in California remains tight despite a brighter employment outlook.

Many first-time home buyers have fallen by the wayside as prices have increased and because of the lack of affordable inventory.  Although prices are not rising as fast this year, almost all metro areas are showing year-over-year price increases.  The current median price of a California home is just over $390,000. 

Until income growth catches up with affordability, the lack of first-time buyers and declining distressed property sales will most likely continue to slow the local and state housing market.

If you have any questions or comments I would love to hear from you.  I can be reached at the MagnumOne Realty office in Roseville (916-899-6571) or by sending an email to juliej@jalone.com.  If you like this kind of information combined with community happenings, like us on Facebook.



About Realtor Julie Jalone


Julie Jalone, wife and mother living in Rocklin, is an experienced professional Realtor ® serving
the Greater Sacramento area including Placer, El Dorado, Yolo and Yuba counties.

Julie may be reached online at www.jalone.com or by calling (916) 276-6883
Check out her daily web blog: Keep it Real in Sacramento


Placer County News Headlines

Buying a Home is Still Better Than RentingRoseville, CA-- Home prices continue to rise faster than incomes and new employment, but it is still more cost efficient to own a home than to rent.

Parking Fees being levied at Hidden FallsAUBURN, Calif. -- Placer County's Hidden Falls Regional Park in North Auburn is a gem of a park. Unfortunately, parking can be hard to find, especially during weekends

$22.5 Million Approved for Placer County BuildingsAUBURN, Calif. -- Placer County Board of Supervisors approve an investment plan that will allocate a minimum of $4.5 million annually over the next five years

Placer SPCA Sees Success in Waiving Adoption FeesRoseville, Calif. - Adoption fees are waived for all animals, without exception, at the Placer SPCA during the month of August for its "full hearts, empty kennels" campaign

Classic Car Show in Grass Valley August 25(Grass Valley, CA) Cascades of Grass Valley, a senior living community located at 415 Sierra College Drive in Grass Valley, will be hosting a classic car show on Friday, August 25

Warriors Set to Start 2017 Volleyball CampaignROCKLIN, Calif. - The William Jessup women's volleyball team will start the season this week hosting the Warrior Invitational

Podcasts for Fundraising Professionals and DonorsWith that goal in mind, Eric Hogue and David Pineschi of William Jessup University are regularly producing light-hearted podcasts each month

Mono County Events for Scenic Adventure SeekersMONO COUNTY, Calif. - After record-setting snowfall that refilled lakes and rivers, leaving glistening snow on high peaks and meadows below

Lowest Reported Gas Prices in RosevilleRoseville, CA- Gas prices in Roseville and Rocklin are holding relatively steady as residents shift from summer vacations back to school and work

WJU Volleyball signs Isabella MauricioROCKLIN, Calif. - The women's volleyball head coach, Shasta Millhollin announced the signing of Isabella Mauricio from Foster City, Calif. to the 2017-18 roster.

Foam Fest Craft Beer and Live Music Festival[Olympic Valley, Calif.] - Achieve Tahoe (formerly Disabled Sports USA Far West) will host its 28th annual "Foam Fest" fundraising event

The Great Banquet in Roseville October 7thROSEVILLE, Calif., - Joni and Friends Sacramento will hold its fourth bi-annual event titled "The Great Banquet" at Bayside Church in Roseville on October 7, 2017


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