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Calif. home sales slide in Q2

Posted by The Aramco Group on Wed, May 24, 2017 @ 14:05 PM

Although the year began on a high note, home sales in California have begun to slip. The figures for April, which marks the beginning of the quarter, show existing home sales are down 2.4 percent from March and 1.7 percent below 2016's levels. The decline last month comes as the California Association of Realtors reports that the median home price in the State has accelerated to a near 10-year high.

The current annualized rate for April came in at 413,720. This seasonally adjusted number is the amount of homes that will be sold in 2017 if the April pace is maintained throughout the duration of the year. Last month marks the thirteenth consecutive report of the annualized rate being over 400,000.

The median home price in California is currently $536,750 – the highest since 2007.

Meanwhile interest rates remain near historic lows with conforming no-point 30-year fixed mortgage rates averaging 4 percent while 15-year rates are near 3.25 percent.

Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.Biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.