According to the latest Market Pulse Survey from the California Association of Realtors, 29 percent of homes sold in the state during the month of September went for more than their initial asking price. While this is a slight drop from the 31 percent seen a year ago, it represents the significant number of homeowners who are seeing a premium when listing their homes.
While the actual amount over asking that sellers are receiving varies from one region to another, on average buyers are paying 13 percent above list prices – up from 8 percent last year. The survey also showed that 63 percent of properties sold in September received multiple offers, 41 percent of those homes received three or more.
Respondents continue to cite tight inventory as their top concern in the housing market. A lack of homes for sale is behind a growing number of bidding wars and price hikes happening across the state.
Today, conforming no-point 30-year fixed mortgage rates are 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.