California Housing maintains its record-setting pace with the state’s Median Price up 39% year over year to $818,260. What skews that number is that’s not the “Average Price”… but half the sales are more than that number, half for less. Because there are more multi-million dollar properties selling, and fewer lower-priced properties available or selling, it pulls that number up.
Expect the inventory level to increase going later into the year, easing some of the multiple offer pressure.
Interest rates should also go up later in the year, as the Federal Reserve scales back on their Quantitative Easing (purchases of mortgage backed securities), artificially lowering interest rates. That will also hurt affordability levels.
If you are in the Los Angeles area, have any questions or real estate sales or financing needs, feel free in contacting me
Ron Henderson GRI, SRES, SFR, RECS, CIAS
President/Broker
Multi Real Estate Services, Inc.
Gov’t Affairs Chair – California Association of Mortgage Professionals (2017-2018)
Chairman – OutWest Marketing Meeting (Real Estate Education)
BRE #00905793 NMLS #310358
www.mres.com
ronh@mres.com
Specialist in the Art of Real Estate Sales and Finance
Real Estate market, mortgage rates, Los Angeles, San Fernando Valley, Conejo Valley, Simi Valley, Woodland Hills, West Hills, Calabasas, Chatsworth
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