Does your home need updating to sell, but you don't want to do the renovation?  We have cash buyers who will buy your home!

August 28, 2019

Southern California sees strongest July home sales in four years, thanks to lower mortgage rates

Like it? Share it!

Mike Blake | Reuters

Home sales in Southern California jumped more than 6% in July and were 3.7% higher annually, according to CoreLogic. That is the highest July volume since 2015 and the first year-over-year gain for any month since July of last year.

It is, however, nearly 11% below the historical July average.

Mortgage rates in July were significantly lower than they were a year ago, as rates began falling in May and just kept going.

Southern California has some of the priciest local markets in the nation, so affordability is an issue that lower rates are helping to mitigate.

"The gain is no surprise given the significant drop in mortgage rates in recent months, combined with a healthy job market, income growth and a rise in inventory," Andrew LePage, a CoreLogic analyst, said in a release. "The flattening of price growth and lower mortgage rates can make a meaningful difference for some."

While the July median sale price was up nearly 2% year over year, the principal-and-interest mortgage payment on median-priced homes was down nearly 7% due to the drop in rates, according to LePage.

The 2% increase in the median price in July, to $540,000, was the strongest annual gain since November of last year, showing home prices heating up again, possibly also thanks to lower mortgage rates. Price changes, of course, varied depending on location.

"San Diego and Ventura counties posted no annual change and Orange County experienced a slight decline in its median. During the first seven months of this year, the annual change in the region's median averaged out to a gain of just under 1%," LePage said. "Going forward, home prices will be influenced by a variety of factors, including mortgage rates, buyer confidence, job and income growth and inventory levels."

Original article at: https://www.cnbc.com/2019/08/28/southern-california-sees-strongest-july-home-sales-in-four-years.html

Listings

Active Listings
1449 La Jolla Dr., Thousand Oaks
Newly remodeled 4 bedroom home in the "Modern Farmhouse" style.
Click for More Details
Coming Soon
2186 Aspenpark, Thousand Oaks, CA

3+2 in the "Lang Ranch Elementary School" district
Follow the progress and get on the waiting list
Recent Sales
711 Bluebonnet Ct. in Thousand Oaks

4+2 Remodeled Single Story Pool Home
Click for More Details
3490 Pine View Dr., Simi Valley
SOLD! Simi Valley 4+3 Remodeled Single Story Home with Gated RV! 3490 Pine View Dr. in Simi Valley
4+3 Remodeled Single Story Home with 15,000+sf lot and gated & paved RV parking!
Click Here for more details
30666 Passageway Pl., Agoura Hills

"Lake Lindero" One of a Kind View Home! 4+3 Two Story home with INCREDIBLE Lake Views!
Click Here for more photos of this amazing view!
Need to sell your home fast for cash?  We have fast hassle free cash offers for your home

Recent Posts

Huggins Homes

A Boutique Agency With Over 30 Years Experience Providing Personalized Consulting And Comprehensive Real Estate Services To Buyers And Sellers.
© Copyright 2015 forward - All Rights Reserved
For media inquiries about the Ventura County real estate market, real estate investing or house flipping, please contact Ryan Huggins at 805.905.4000
805.905.3000Ron@HugginsHomes.com
805.905.4000Ryan@HugginsHomes.com
envelopephone  linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram