Rates, tight inventory dampen California home sales

Rates, tight inventory dampen California home sales

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In recent months, short sales – in which banks allow homeowners to sell for less than they owe – have surpassed sales of foreclosed homes in California for the first. And with home prices rising.

Signed contracts for existing homes. mortgage rates or simply frustrated over what had become seemingly never-ending bidding wars. Pending sales rose in the Northeast and Midwest, but fell in the.

Separately, data from the National Association of Realtors showed that existing home sales (which includes condominiums and co-ops) were running at a seasonally adjusted annual rate of 5.39 million homes for July, a jump from 5.06 million homes in June.

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Home sales increased 4.7 percent across the state compared to the first two months of 2017, and the median price jumped 7.4 percent to $155,500, the data show. Sales increased in five of the state’s six regions, and the median price increased in all six regions.

That’s up 4.2 percent from a year ago amid a tight market that features low inventory. the home ownership rate.” The median price of a Southern California home hit $429,000 in April, the highest in.

As the economy continues to strengthen, NAHB expects 30-year fixed-rate mortgages will average 4.31 percent in 2018 and 4.82 percent in 2019. NAHB is projecting 1.21 million total housing starts in 2017 and expects overall production to grow an additional 2.7 percent this year to 1.25 million units.

Higher prices and elevated mortgage rates created some headwinds for sales. But experts point to a tight inventory of homes on the market as the main reason why more homes aren’t changing hands.

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California home sales dipped 5.9% from 2012 to 2013 as the market felt the pinch of tighter inventory levels and higher prices, the California Association of Realtors reported this past month.

The available inventory of homes for sale is what is driving the Chicago real estate market and keeping a lid on sales. Once again we’ve hit new record lows since this data has been available to me.

Southern California. in the mix of homes selling. The median is the point at which half the homes sold for more and half sold for less. Meanwhile, sales of lower-cost homes plunged as inventory in.

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