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.”
•
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.
No comments:
Post a Comment