Mortgage rates inch up from 3-year low– The Freddie Mac Primary Mortgage Survey released on May 19, 2016 showed that average mortgage rates from lenders surveyed for the most popular mortgage products were as follows: The 30-year fixed rate average was 3.55% The 15-year fixed average rate was 2.81%. The 5/1 ARM average rate was 2.80%.
California state-wide median price breaks $500,000 – The California Association of Realtors reported that the median price of a home in California rose to $509,100 in April. That represents a 5.3% month over month increase from March.
California home re-sales fewer due to tight inventory – The California Association of Realtors also reported that thenumber of homes sold in April dropped 2.6% from its annualized level in March. Year over year the number of sales declined 5.4% from April 2015. The Unsold Inventory Index dropped again to a 3.5 month supply in April. A normal market is a 6.1 month supply, so inventory levels are around 60% of normal, according to CAR. This tight inventory is pushing prices higher and sales lower as buyers are again finding it tough to find homes to buy.
Have a great weekend!
If you’d like more information on the San Fernando Valley or Los Angeles, or to have help looking for your next home, please feel free to reach out! I’m happy to help, no obligation.