Weekly Mortgage Rate Update
Although the stock market suffered large losses this week, mortgage markets were relatively quiet. The two primary influences were the Fed meeting and a new tariff policy. Neither had much net effect, however, and mortgage rates finished the week nearly unchanged.
THIS WEEK'S RATE TREND IS FLAT
California Housing Market Bounces Back in February Source: World Property Journal
According to the California Association of Realtors, led by the Sregistered healthy gains in February 2018 on both a monthly and annual basis after January's weak start. Making sense of the story:
• Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 422,910 units in February, according to information collected by C.A.R.
• The statewide annualized sales figure represents what would be the total number of homes sold during 2018 if sales maintained the February pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.
• February's sales figure was up 3.3 percent from the revised 409,520 level in January and up 5.4 percent compared with home sales in February 2017 of a revised 401,060. The year-to-year increase was the largest since March 2017, and the month-to-month increase was the largest since June 2017.
• "February's solid market performance was likely fueled by rising interest rates, which motivated buyers to rush in and close escrow before rates move even higher as they're anticipated to do in the coming months," said C.A.R. President Steve White. "Despite losing ground in January, February's strong sales gain more than covered the loss, resulting in a 1.1 percent increase so far this year."
While the statewide median price slipped from January, it continued to grow at a strong yearover-year pace and has remained above the $500,000 mark for a full year. The $522,440 February median price was down 1.0 percent from January's $527,780 and was 8.8 percent higher than the revised $480,270 recorded in February 2017. The year-over-year price gain has been growing at or above 7 percent for eight of the past nine months.
Read the full story: http://www.worldpropertyjournal.com/real-estate-news/united-states/laguna-beach/californiahome-sales-report-2018-median-home-prices-in-california-los-angeles-home-sales-sanfrancisco-home-prices-california-association-of-realtors-10801.php