South Bay Vision | Market Update | November 2014

“The California Association of Realtors released their report on California existing home sales and median prices in September. The statewide median price rose over the 12 months ending in September by 7.6% to $460,940. Home prices in California have been moving higher on a year-over-year basis for over two years. However, the rate of increase has slowed in recent months, an indication that home prices are stabilizing.” (Read more)

Although the interest rate on a 30-year fixed-rate mortgage rose slightly in September (to 4.16% from 4.12% in August), it was below the year ago rate of 4.49%. “Less rapid price gains taken together with low mortgage interest rates should help improve housing affordability through the remaining months of this year.” (Read more) Rates haven’t been this low since 2013 according to Freddie Mac. With a 30-year fixed-rate averaging 3.92% and 5-year adjustable rate mortgages averaging 2.91%, now may be the time to buy.

Please enjoy. Should your plans include real estate purchase and sales, please call or email with questions – and as always, thanks for your referrals.

Sources: Kimberly Ritter / e-EDGE v.18 n.42 10/30/14

C.A.R. Expo Leslie Appleton-Young October 7, 2014

For the entire article, including charts & stats, click >HERE<