California Home Sales Overview
Southern California real estate gained in sales and price last month. 19,181 new and resale homes sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties in November.
Home sales have been stimulated by several factors: A federal tax credit for first-time buyers; investor activity; low mortgage rates; low down payment mortgages; distressed property deals.
Foreclosures and short sales continue to influence the California real estate market, which accounted for 39% of home sales.
Discretionary home buying and selling outside the more affordable markets are limited, due in part to the lack of financing. Mortgages above $417,000 accounted for only 15% of all home purchase loans, compared to nearly 40% of purchases before the August 2007 credit crunch.
The median price for home sales in Southern California was $285,000 last month. That was up 1.8 percent from $280,000 for the month before.
Mortgage Rates and Information
Home sales have been stimulated by several factors: A federal tax credit for first-time buyers; investor activity; low mortgage rates; low down payment mortgages; distressed property deals.
Foreclosures and short sales continue to influence the California real estate market, which accounted for 39% of home sales.
Discretionary home buying and selling outside the more affordable markets are limited, due in part to the lack of financing. Mortgages above $417,000 accounted for only 15% of all home purchase loans, compared to nearly 40% of purchases before the August 2007 credit crunch.
The median price for home sales in Southern California was $285,000 last month. That was up 1.8 percent from $280,000 for the month before.
Mortgage Rates and Information
posted by CRHOME.com at
11:13 AM
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