New Home Sales Up 10.8%

New homes sales were up 10.8% in December to 544,000 on a seasonally-adjusted annual basis (SAAR) and finished 2015 just past half million (501,000) for the best year since 2007. The increase in signed contracts to purchase a new home comes as mortgage rates remain very low by historic standards and the US economy continues to gain strength.

Sales were up in every census region although nominally in the South by 0.4%, to 273,000. In other regions, the Northeast was up 21% to 29,000 (SAAR), the Midwest up 32% to 75,000 and the West up 21% to 167,000. For the year, the Northeast was down 12% to 24,000 new homes sales, which is the worse year since 2011. Other regions performed much better with the Midwest up 3.2% to 60,000, the best year since 2008; the South was up 17.6% to 285,000, the best year since 2007; and the West was up 20.5% to 130,000, the best year since 2007.

Locally

Meanwhile here is our local market in Ojai.

There were 13 homes sold in the month of January.The less expensive was a 2 bed, 1 bath, 766 Sq. Ft. with a lot size 3843 Sq. Ft.

The most expensive was a craftsman style house with 3 bed, 2.50 bath, 1412 Sq. Ft. with a lot size of 18009 sq. ft.

Median price for the month of January was $568,000 with an average of 103 days on the market.