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Saturday
Oct222016

Update as of October 22nd, 2016

Mortgage rates up just slightly week - The Freddie Mac Primary Mortgage Survey released on October 20 showed that average mortgage rates from lenders surveyed for the most popular mortgage products were as follows: The 30-year fixed rate average was 3.52%.  The 15-year fixed average rate was 2.79%.  The 5/1 ARM average rate was 2.85%. I'd expect to see rates just slightly lower next week based on where we were at the end of the week. 



California existing home sales up in September - The California Association of Realtors reported that existing single family home sales totaled 425,680 in September on a seasonally annualized rate, up 1.8% from August's rate and up 0.8% from last September. This marked the first year over year increase in 7 months as extremely low inventory has led to fewer sales. 

 

California's median price paid for an existing home up 6.1% - Year over year the median price paid for a single family  home increased 6.1% in September to $514,320 according to The California Association of Realtors. The median price in September 2015 was $494,670. 

 

Homes on the market remain near all time low levels - C.A.R. also reported that the unsold inventory index in September showed a 3.5 month supply of homes on the market.  A "normal" market has a 6 1/2 month supply of homes.  I'd expect prices to continue to rise until the inventory level gets closer to normal levels.  

 

 

U.S. existing home sales up in September - The National Association of Realtors reported that total existing home sales, which include single family detached homes, town-homes, condos, and co-ops,increased 3.2% in September from August levels. Sales year over year were up just 0.6% from last September, but The September figure represented a nice rebound after a disappointing July and August sales level.  One key figure in the report was an increase in first time buyers  who accounted for 34% of the total sales. That was a 4 year high. Distressed sales accounted for just 4% of sales which is a new low according to N.A.R. The median price for an existing home nationwide increased 5.6% from last September as low inventory pushed prices higher.

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