7/17/2008
Much of the market information I receive comes from the same sources that everyone else sees. Here's an overview of whats happening in California.
According to DQNews, in California 36,975 new and resale homes were sold in May. Down 31.7% last year.
As of May 2007, the median price paid for a home was 484,000, up 2.5% a year ago, and, the typical mortgage payment borrowers committed to was $2,266. Thats down $46.00 from this time last year.
Market indicators have been all over the place, but its clear that adjustable rate mortgages have become increasingly unpopular. Foreclosure activity has not yet impacted home values in most markets. Down Payment amounts are stable, but investor activity is down.
From all this we learn that changes are taking place, but prices are still going up, and My guess would be that much of the sales decline has to do with potential buyers who are 'waiting to see' whats going to happen next. If you have any questions about local real estate activity, I am always happy to provide answers and share my observations. Please feel free to contact me, john.wall1@century21.com.
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