California’s Home Buying Season Gets Started
Competed sales for single-family homes and condominiums ratcheted up an impressive 33.1 percent in March 2015 compared to the month before. Total sales went from 24,031 completed in February to 31,989 completed in March. That is the largest March increase in three years, and is an 8.8 percent rise in completed home sales compared to March 2014, according to Property Radar.
Property Radar attributes this spring season kick-off to “pent-up demand, mild winter weather, and attractive interest rates”.
This increase marks the end of winter sales levels: sales in January and February 2015 increased only 6.0 percent—moving from 22,659 to 24,031—compared to the 33.1% rise between February and March.
California median single-family home prices also increased 4.8 percent, or $18,000, from $375,000 in February 2015 to $393,000 in March. Prices for the same type of homes in San Diego did not rise as much: up 0.6 percent from $498,000 in February to $501,000 in March according to Zillow.
Conforming no point 30-year mortgage rates average 3.75 percent while 15-year rates average 3.0 percent.
For more information on a home purchase, refinance, or a reverse mortgage, visit our website at Aramco.Biz or call me at (877) 700-0942. This is Mehran Aram with today's ARAMCO Report.