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CAR: Housing market springs back in March

Spring brought some much-needed life to the housing market, as home buyers embraced lower mortgage rates and more home listings. Home prices reached the highest level since October 2018.

July brings ‘market shift’ as sales drop for third month

California home sales declined for the third-consecutive month in July, as higher prices and rising mortgage rates caused more home-shoppers to slow their efforts. But home prices continued to climb compared to a year ago, reaching another record at $602,760.

Affordability drops to 10-year low in Q2 despite pay gains

Only one of every four households in California could afford the median-priced home during the second quarter, the lowest percentage in a decade. Despite pay gains, higher home prices and interest rates are making buying a home more difficult for home shoppers and could be a sign of a slowing market statewide.




CHN Poll

Interest rates

Long-term interest rates dipped slightly but remain near their highest level in seven years.

The average rate for a 30-year, fixed-rate mortgage was 4.71% with an average 0.5 points for the week ending Oct. 4, compared to 4.72% a week ago.

The average rate for a 15-year, fixed-rate mortgage dipped to 4.15%, from 4.16% a week ago.

Source: Freddie Mac

Contact

Please send an email to ron@calhomenews.com.

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