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California home sales see worst month since 2015

Posted by Mehran Aram on Wed, Oct 16, 2019 @ 17:10 PM

Concerns about an economic recession on the horizon appears to be dragging the housing market down. According to data from CoreLogic, August was the worst month for home sales in four years. This marks the twelfth month out of the last 13 in which sales were down on a year-over-year basis, the report stated.

California home sales were down 0.2 percent from the previous month and 2.8 percent lower than August 2018. Along with sales being on the slide, median home prices also declined – down 0.2 percent from July.

Historically, August sees an end-of-the-summer bump in home sales. Experts suggest that with the current economic uncertainty, if mortgage rates weren’t so favorable to buyers the decline might have been worse.

Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 3.75 percent and 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.

Topics: home sales, California, CoreLogic, Mortgage rates, California Housing Market, median home price, California Home Sales, California Median Home Price

Calif. home prices reach new peak

Posted by Mehran Aram on Sat, Jun 22, 2019 @ 07:06 AM

The median home price in California reached another peak in May according to the California Association of Realtors. This marks the second consecutive month in which home prices in the Golden State reached a new high. Prices reached a new-all time high in May - beating the record the prior month – as the median home price climbed to $611,190. This is up 1.4 percent from April’s $602,920 and 1.7 percent higher than the $600,860 median in May 2018.

In San Diego, the median sold price of existing single-family homes was $650,000, up on both a monthly and yearly basis.

Home sales in May also improved over April as the summer home buying season kicked into high gear. But the affordability crunch brought on by the record-high home prices were reflected in year-over-year sales which were down 0.6 percent from May 2018.

Today, conforming no-point 30-year fixed mortgage rates are averaging 3.875 percent and 15-year rates are near 3.375 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.

Topics: home sales, California, California Association of Realtors, Single Family Home, Mortgage rates, California Housing Market, San Diego Housing Market, Existing Homes, San Diego Home Prices, California Home Prices, California Median Home Price, Golden State