Monday, July 21, 2014

Home Prices Dip Slightly in June




Home prices dipped slightly in June but homeowners should not be alarmed as this is just part of the recovery process. The real estate market adjusts itself every 3 weeks and is affected by several other economic factors like job growth, wages and the amount of other competing homes on the market.

 
The good news is that this is definitely a great time to buy or sell real estate. VP and chief economist at C.A.R. Leslie Appleton-Young, commented that “Home prices are finally increasing at a healthier pace, and the smallest year-over-year price gain in more than two years suggests that prices are stabilizing...Last year’s frenzied market of multiple offers, which drove sales prices above listing prices, has tapered off as the sales-to-list price ratio has dropped to a more normal level at nearly 99 percent, which signals a return to a more balanced market.”

 
Here are some statistics you may find interesting..

 
• Statewide housing inventory edged slightly higher in June, with the available supply of existing, single-family detached homes for sale increasing from 3.6 months in May to 3.7 months in June. The index was 2.9 months in June 2013.  The index indicates the number of months needed to sell the supply of homes on the market at the current sales rate.  A six- to seven-month supply is considered typical in a normal market.

• The statewide median number of days it took to sell a single-family home also rose in June, up from 31.6 days in May to 33.9 days in June and up from 27.8 days in June 2013. 

• Mortgage rates dipped in June, with the 30-year, fixed-mortgage interest rate averaging 4.16 percent, down from 4.19 percent in May but up from 4.07 percent in June 2013, according to Freddie Mac.  Adjustable-mortgage interest rates in June averaged 2.40 percent, down from 2.43 percent in May and down from 2.60 percent in June 2013.

 
Nancy Puder is a real estate broker in Arroyo Grande, CA. with Nancy Puder & Associates. If you have any questions or concerns regarding your own property, contact Nancy at (805)710-2415 or email Nancy@NancyPuder.com.  You may also go to Facebook.com/Nancy Puder Realtor and "like" her page to access other real estate related articles.

 

 

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