California Median Home Price
California Pending Home Sales Index: Statewide pending home sales fell in March on an annual basis, with the Pending Home Sales Index (PHSI) decreasing 1.7 percent from 138 in March 2015 to 135.6 in March 2016, based on signed contracts.
California Traditional Housing Affordability Index: First Quarter 2016: 34 percent
The well-documented aging of the baby boomer generation may be mirrored by the aging of American’s housing stock. The US Department of Housing and Urban Development’s American Housing Survey finds that the median age of an owner-occupied home in the US was 35 years old in 2011, up from a median home age of 23 in 1985.
Here’s a new law passed by the California Legislature that may impact you as a homeowner, home seller or home buyer.
Adjoining Owners Equally Responsible for Shared Fences and Boundaries
Adjoining landowners, with properties contiguous or in contact with each another, must share equally the responsibility for maintaining boundaries and monuments between them. Adjoining landowners are presumed to share an equal benefit from any fence dividing their properties, and unless otherwise agreed in writing, are presumed to be equally responsible for the reasonable costs of construction, maintenance, or necessary replacement of the fence.
Here’s a new law passed by the California Legislature that may impact you as a homeowner, home seller or home buyer.
Smoke Detectors Specifications Changed
Starting July 1, 2014, the State Fire Marshall will not approve a battery-operated smoke alarm unless it contains a non-replaceable, non-removable battery capable of powering the smoke alarm for at least 10 years.