Market Update: Tarzana CA (May 2015)

Home sales are on pace for their best year since 2007. First-time buyers are streaming back into the market. Prices are skyrocketing, aided by a stronger job market and tantalizingly low mortgage rates that are creating pressure for buyers to act fast. The resurgence is a sign that the U.S. economy -- after muddling through a sluggish, six-year recovery -- has re-discovered another source of growth. Buyers are more confident about their own prospects. But many also appear ready to close sales quickly because of concerns of being potentially priced out of the market by rising mortgage rates and home values.

The National Association of Realtors said that sales of existing homes climbed 3.2 percent in June to a seasonally adjusted annual rate of 5.9 million. June was the fourth consecutive month of the sales rate exceeding 5 million homes. Median home prices climbed 6.5 percent over the past 12 months to $236,400, higher than the July 2006 peak. Employers have hired 3.1 million additional workers in the past year as the unemployment rate has slid to 5.5 percent from 6.3 percent. This influx of additional paychecks has led more Americans to feel financially secure after weathering the most severe downturn -- sparked by a housing bust -- since the 1930s.

Thank you Jeff! 

The housing inventory is extremely low these day ( less than 3 months)and price for housing is very high.