| LIFE IN SOLERA | AUGUST 2024 | 9
The highest mortgage rates since late 2023 dampen California
sales; California median home price sets another record-high,
C.A.R. reports.
May's statewide median home price was $908,040, another record
high, up .4 percent from April and up 8.7 percent from May 2023.
This was the 11th straight month of annual price increases for the
Golden State. Seasonal factors and tight housing supply conditions
will continue to put upward pressure on home prices in the coming
months. Statewide home sales have been f lat all this year.
Mortgage rates that surged to their highest levels since late
last year hampered California home sales in May. However, a
moderation in interest rates in the past couple of weeks and recent
improvements in housing inventory could create an opportunity
for motivated buyers to reenter the market before the home-buying
season peaks.
New active listings at the state level increased from a year ago for
the fifth consecutive month by double digits as more sellers listed
their homes on the market. The median number of days it took
to sell a California single-family home was 16 days in May. The
statewide sales-price-to-list-price ratio was 100.0 percent in May.
The 30-year fixed mortgage interest rate averaged 7.06 percent in
May, up from 6.43 percent in May 2023. Source, www.car.org June
18, 2024.
Sold In Solera June 8, 2024 – July 8, 2024
1714 N Forest Oaks Dr.: 1687 sq ft, $430,000
927 Monarch Ct.: 1687 sq ft, $437,500
Sales data based on information from California Regional
Multiple Listing Service, Inc. All data, including all measurements
and calculations of area, is obtained from various sources and has
not been, and will not be, verified by broker or MLS. All information
should be independently reviewed and verified for accuracy.
Properties may or may not be listed by the office/agent presenting
the information.
REAL ESTATE REPORT
By Glenn and Nona Bradd, Associate Brokers and Residents
MAY HOME SALES & PRICES
