Given that mortgage rates have declined recently, prospective home buyers should considering purchasing a home now
Chiacgo, IL (PRWEB) May 30, 2014
April California home sales saw an increase of 15.4% from March. This increase emphasizes that different areas of the west are performing better than others. Peoples Home Equity, which has a lending branch in Data Point California, believes there is more opportunity left in the California housing market.
According to DQnews.com California home sales reached “an estimated 37,988” in April. The San Diego real estate data provider highlighted this increase in sales as “higher than usual.” There still remains a lot of room for improvement as “April sales have varied from a low of 27,625 in 1995 to a high of 71,638 in 2004.” Sales have average 43,700 in April since 1988. In terms of price, “the median price paid for a home in California last month was $383,000, up 1.9 percent from $376,000 in March and up 18.2 percent from $324,000 in April 2013.” Readers should note that in “March/April/May 2007 the median peaked at $484,000. The post-peak trough was $221,000 in April 2009.” Peoples Home Equity believes prices will remain in a strong uptrend due to the lack of inventory expected throughout 2014. Given that mortgage rates have declined recently, prospective home buyers should considering purchasing a home now while median prices remain 20.8% below their 2007 peak.
The bad news is that home sales remains -2.7% below year ago levels yet Peoples Home Equity believes this is not too negative when compared to a recent report from National Association of Realtors (NAR). The NAR just reported in its pending home sales announcement that western sales were -15% below year ago levels. With California’s April sales just a -2.7% below year ago levels it’s implied the Golden State’s housing market is outperforming other western states.
Peoples Home Equity has a branch location in California located in Dana Point near Los Angeles. If in need of securing a competitive, low rate mortgage, consider speaking to one of Peoples Home Equity’s friendly loan offers today. Feel free to call the lender at: 262-563-4026