| Here are the latest CAR stastics for all of California.
The message here is that this is a great time to buy. My motto: “Squeeze the bloat out of the market one deal at a time!” See my earlier posts on buying and selling right. As you can see, money is still pretty cheap and if you want to be REAL as a buyer and a seller, there are plenty of great deals to be had on BOTH sides of the transactions. Calif. median home price |
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| Calif. highest median home price by C.A.R. region June 07: Santa Barbara So. Coast $1,375,000 (Source: C.A.R.) |
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| Calif. lowest median home price by C.A.R. region June 07: High Desert $306,310 (Source: C.A.R.) |
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| Calif. First-time Buyer Affordability Index First Quarter 07: 25 percent (Source: C.A.R.) |
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| Mortgage rates - week ending 7/12: 30-yr. fixed: 6.73%; Fees/points: 0.4% 15-yr. fixed: 6.39%; Fees/points: 0.4% 1-yr. adjustable: 5.71%; Fees/points: 0.5% (Source: Freddie Mac) |
C.A.R. REPORTS HOME SALES DECLINE 24.7 PERCENT IN JUNE
Home sales decreased 24.7 percent in June in California compared with the same period a year ago, while the median price of an existing home increased 3.2 percent, according to a C.A.R. reported today.
“The focus on foreclosures and subprime lending is ongoing and, coupled with higher inventories of homes for sale, is prompting many would-be buyers to play a ‘wait-and-see’ role,”‘ said C.A.R. President Colleen Badagliacco. “However, well-maintained homes with curb appeal that are priced for today’s market continue to sell. It’s often a matter of counseling buyers and sellers to set realistic expectations on both sides of the transaction.”
“First-time buyers continue to be impacted by tighter mortgage underwriting standards and the affordability challenge, which has not improved significantly despite price declines in most regions of the state,” she said.
Closed escrow sales of existing, single-family detached homes in California totaled 364,280 in June at a seasonally adjusted annualized rate. Statewide home resale activity decreased 24.7 percent from the 483,690 sales pace recorded in June 2006.
