August 2019 Housing Market Update
According to C.A.R’s August 2019 housing market update, California home sales perk up in July for the first time in over a year. Single-family home sales totaled 411,630 in July on a seasonally adjusted annualized rate up 5.6% from June and up 1.1% from July 2018.
July’s statewide median home price was $607,990, down 0.4% from June and up 2.8% from July 2018. This is the fourth consecutive month where the median price remained above $600,000. Active listings, which have been increasing for the past 15 months fell 2.1% from a year ago.
Year-to-date statewide home sales were down 4.9% in July.
According to the August 2019 housing market update: We are seeing the 30 year fixed rate mortgage hovering at 3.5%, the lowest they have been in 3 years. This is one factor that has contributed to more home sales.
Key Points from C.A.R’s data for the August 2019 housing market update show that non-seasonally adjusted sales increased from a year ago in all major California regions except for San Francisco, which experienced a 0.6% decline. The Central valley recorded the largest gain at 5.2% followed by the Coastal regions which are up 5%. Los Angeles Metro region posted a 4.0 percent increase and sales in the inland Empire improved 2.4%
Non-seasonally adjusted sales grew in every county i
n Southern California, with Orange County rising the most at 6.7% followed by San Bernardino 5%, Los Angeles County 4.7%, San Diego 3.4%, Ventura 2.1%, and Riverside, 0.8%
Median home prices at the regional level continued to inch up in Southern California and the Central Valley regions, while the Central Coast and Bay Area declined slightly from a year ago.
All median home prices in the Central Valley grew except for San Benito
Median Days on Market and Price per Square Foot
In the August 2019 housing market update, in terms of median days on the market, this number increased this July from 19 days to 21 days in July. In 2018, it took 18 days to sell a home. The price to list ratio statewide was 99% in July.
The average statewide price per square foot** for an existing, single-family home statewide reached $290 in July 2019 and was $288 in July 2018, as you can see, not much has changed in pricing year over year!
Overall, With employment being at an all-time high, and interest rates being at lows we have not seen in 3 years, our housing market is strong and it is ane excellent time to buy or sell!
August 2019 housing market update synopsis: Reasons such as the volatile stock market, lack of affordable housing and construction workers, and new tariffs, many consumers have been hesitant to take the leap. Please reach out to me if you have any questions, need to be pre-approved, or are curious about what is going on your YOUR market!!