Real Estate News for Monday, November 28th, 2005

Sales frenzy slows, in real estate market and at malls. The real estate market is showing more signs of slowing down, according to two reports today. Nationwide, sales of existing homes declined 2.7 percent in October to a seasonally adjusted annual rate of 7.09 million houses and condominiums, according to the National Association of Realtors. The decline would have been even larger if it hadn't been for home buyers who were displaced by the Gulf Coast hurricanes. The median selling price nationwide was $218,000, 16.6 percent higher than a year earlier. But the number of unsold homes on the market reached 2.87 million, a 19-year high. Click here to read more.

California luxury real estate values break records. But trend is slowing, index says. Luxury home values rose to all-time highs in three major California cities in the third quarter of 2005 compared to a year ago, according to an index that tracks luxury homes. Los Angeles, San Diego and San Francisco all saw jumps in home prices, according to the First Republic Prestige Home Index by First Republic Bank. Click here to read more.

Real estate sales slip in California. Median prices remain higher than a year ago. Existing-home sales cooled in California last month, the California Association of Realtors reported today, down 2.8 percent compared with October 2004. Meanwhile, the median price of an existing home in California in October increased 17.2 percent compared with October 2004. Click here to read more.

~Tina Jan~
Coldwell Banker Kivett-Teeters
1655 E. Sixth St.
Beaumont, CA 92223
Work: 951-845-5520 Ext. 105
Fax: 951-845-4916
Cell: 909-446-2666
Toll-Free: 1-877-TINAJAN
tina.jan@coldwellbanker.com
www.tinajan.com