August 2016 breakdown – California sales were down, median prices up = TIGHT SUPPLY! Anyone searching for a new home or searching for a rental keeps hearing this tune over and over; inventories are low. Additionally frustrating purchases might have also been talk of an increase in interest rates by the Fed in the Fall. We have continued to purchase homes at a steady pace but nowhere near our peak three years ago.
June, July and August are considered peak sales months for real estate so it is a surprise that sales cooled in July of this year. As VERY strong demand in rentals persists, this might be an early sign of buying demand weakening by California house consumers.
California real estate moves higher in June. Is the economy getting stronger or is lending getting easier?
May sales moving higher, California real estate getting hotter into summer!
Take a look! Home pricing is getting MORE expensive! The median price of a home has now reached over $500K statewide! What is driving the growth in pricing? Take a closer look! Sales of single family homes DECREASED from last year and the previous year! From my conversations more homeowners are staying put, making housing more scarce and driving prices of existing homes higher. Many homeowners are taking advantage of lower property taxes by holding onto what real estate they have instead up trading up or down. Questions? Email me for more assistance on how to buy or sell a home in this market!