* Existing Home Sales – quantity DOWN year over year (Tighter credit due to new loan legislation, higher prices, fewer investors buying into the higher market, and fewer traditional buyers qualifying for a purchase)
* Median Home Prices – UP year over year & month over month (This index is a lagging index, and doesn’t reflect the slowing market. The inventory is still tight in many areas and price ranges, propping up the prices)
* Unsold Inventory – UP year over year DOWN month over month (Inventory is still low compared to 6 month historic average, dropped month over month because of spring buying season)
* Median Time on Market – UP year over year DOWN month over month (only down month over month because of spring buying season)
* Housing Affordability Index – DOWN substantially year over year because of the higher property values and higher interest rates Note: does not take into account the tighter new loan underwriting guidelines, otherwise it would be worse)
* 30 Yr Fixed Rate Mortgage – Up substantially from last year (rates constantly move, but early 2013 was the bottom of the rate cycle. Rates are up almost a full percent from last year, but still historically low)
As a generality, the market is fairly stable and has slowed from last year. First time buyers are disproportionately a smaller percentage of the buyer base than the historic average.
Cash is still king. If you need a loan to purchase, and can qualify, rates are still excellent. If you are thinking about refinancing, loan to values are better than a year ago.
If you are in the Los Angeles regions, have any questions or real estate sales or financing needs, feel free in contacting me.
Ron Henderson GRI, RECS, CIAS
Multi Real Estate Services, Inc
Gov’t Affairs Chair – California Association of Mortgage Professionals
Real Estate market, Mortgage rates, Los Angeles, San Fernando Valley, Conejo Valley, Simi Valley