After hitting their lowest level in more than 10 years in January, California home sales last month rebounded. The California Association of Realtors reported this week that February’s annual sales level reached its highest point in six months. February also experienced the biggest month-over-month gain in home sales since January 2011.
“Lower interest rates and stabilizing home prices motivated would-be buyers to get off the fence in February,” said CAR President Jared Martin. “With mortgage rates reaching their lowest point in a year, housing affordability improved as buyers’ monthly mortgage payments became more manageable.”
Mortgage rates have remained near a recent low point for the last several weeks after falling over the winter and remain at their lowest level in a year. Currently, conforming no-point 30-year fixed mortgage rates are averaging 4.25 percent, 15-year rates are near 3.75 percent and the 5-year ARM is averaging 4.25 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.