Republic West Remodeling pitches in for children’s charity project
Phoenix-area Republic West Remodeling helped out with a charity remodeling project for TGen’s Center for Rare Childhood Disorders Clinic, involving some of the company’s materials and labor in the construction of a new play area at the Center.
"The play area is the heart of the clinic and we are so thankful for Republic West for contributing to this cause," said TGen’s assistant development director Robyn Nebrich. "They did all the work required to take the clinic from an ordinary doctor’s office to a place where children can have fun and parents can feel at home."
The Clinic is currently under construction with a grand opening date set for Oct. 15, 2013.
TGen, or Translational Genomics Research Institute, is a non-profit research organization specializing in new treatments, therapies and cures for children with rare disorders.
California luxury home values up in second quarter
According to the First Republic Prestige Home Index issued by First Republic Bank, luxury home values in certain niche California markets experienced strong growth in the second quarter.
In the San Francisco Bay Area, values were up 10.9% year-over-year, as well as 5.0% since the first quarter. Los Angeles homes rose 6.1% since 2012’s second quarter, as well as 3.3% since last quarter. In the San Diego region, values were up 8.0% on a year-ago basis and 4.9% since last quarter.
“This was one of the best quarters in recent history for California luxury home prices in First Republic’s urban, coastal markets,” said Katherine August-deWilde, president and COO of First Republic Bank. “Limited inventory and growing demand from both U.S. and international buyers are driving the market. Many properties generated multiple offers. It was a very strong quarter.”
The average luxury home is valued at $2.9 million, $2.1 million and $1.7 million in San Francisco, Los Angeles and San Diego, respectively.
July’s existing-home sales strong at 5.39 million
Total existing-home sales fared well in July, experiencing a 6.5% increase to a seasonally adjusted annual rate of 5.39 million, marking the 25th consecutive month that sales have remained above year-ago levels.
The National Association of Realtors reported that July’s figures are up from June’s downwardly revised total of 5.06 million and are 17.2% higher than July 2012’s 4.60 million.
Total housing inventory rose 5.6% to 2.28 million existing homes available for sale, marking a 5.1 month supply that was consistent with June’s figures.
According to NAR chief economist Lawrence Yun, higher mortgage interest rates (currently at their two-year peak) are prohibitive for some potential buyers, but not enough to prevent a sustainted recovery. Yun also identified tight inventory as a harbinger of above-normal price growth.
“Although housing affordability conditions will become less attractive, jobs are being added to the economy, and mortgage underwriting standards should normalize over time from current stringent conditions as default rates fall," said Yun.
July’s national median existing-home price was $213,500, a 13.7% year-over-year increase.
Single-family home sales were up 6.3% to a seasonally adjusted annual rate of 4.76 million, up from June’s 4.48 million and July 2012’s 4.09 million. The median existing single-family home price was $214,000 in July, which is 13.5% higher year-over-year.