Lake
Tahoe Real Estate - Single Family - Y Area
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Tahoe Real Estate - Condo/Townhouse - Y Area
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Tahoe Real Estate - Multi Family - Y Area
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Tahoe Real Estate - Land - Y Area
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Tahoe Real Estate - Commercial - Y Area
STUDY FINDS MULTI-FAMILY CONSTRUCTION DOES NOT CONTRIBUTE
TO SCHOOL CROWDING Concerns that new apartment construction
will lead to overcrowded neighborhood schools are not true,
according to a recent study by the National Association of
Home Builders (NAHB). Using the most recent American Housing
Survey data from the U.S. Census Bureau, NAHB's study found
an average of 37 school-aged children per 100 multi-family
households. The average for 100 single-family households is
62 school-age children. NAHB's analysis found that the number
of school-age children is even lower for larger, high-density
apartment buildings. In buildings with more than 20 apartments
or condominiums, there are about 26 school-age children per
100 households. That number is lower for people who recently
bought or rented. And in buildings with only one and two-bedroom
units, the number drops, with condominium residents reporting
fewer children than renters. The fewest school-age children
are found in recently purchased condominium homes in buildings
with more than 20 units, with about 10 children for every
100 such households, according to the study.
NAR FORECASTS RECORD EXISTING-HOME SALES THIS YEAR
Greater than expected sales of existing homes in the first
seven months of this year will help set a record for annual
existing-home sales, according NAR. Existing-home sales will
increase about 6.5 percent this year to 6.5 million. New-home
sales also are expected to rise to a record 1.16 million this
year, up 7.1 percent from 2003. Housing starts are forecasted
to increase 4.8 percent to 1.94 million in 2004, the strongest
pace since 1978. Though NAR projects the 30-year fixed-rate
mortgage to slowly rise to 6 percent in the fourth quarter,
the average rate for the entire year should be 5.9 percent,
the second-lowest annual average since the mid-1960s. The
lowest rate in recent years was 5.8 percent in 2003. The national
median existing-home price for all of 2004 is expected to
rise 7.5 percent to $182,700. At the same time, the median
new-home price will grow by 8.9 percent to $212,300, according
to NAR.
LUXURY HOMES VALUES SET RECORDS IN CALIFORNIA
Luxury home values in Los Angeles, San Diego and San Francisco
set new records in the second quarter of 2004, posting double-digit
gains over the past 12 months, according to the recently released
Prestige Home Index. San Francisco Bay Area values climbed
16.4 percent, or $357,000 year-over-year, and 7.2 percent
from the first quarter of this year. Average luxury home values
in the region reached an all-time high of $2.54 million. Los
Angeles values rose 17.5 percent, or $256,000 year-over-year,
and 3.7 percent from the first quarter of this year. Average
luxury home values in Los Angeles jumped to $1.72 million.
San Diego values climbed 18.8 percent, or $273,000 year-over-year,
and increased 5.6 percent from the first quarter of this year.
San Diego luxury home values averaged $1.73 million, according
to the report.
C.A.R. Newsline is published by the CALIFORNIA ASSOCIATION
OF REALTORS®, a trade association representing more than 135,000
REALTORS® statewide.
