RE Buyers and Sellers

This week, I am  sharing the “Market @ a Glance” chart which is compiled by the  California Association of Realtors each month.  Here is a brief  explanation of the chart.

The “Existing Home Sales” reflects  that the number of units sold for the one month period ending March 12  is down from the previous month (Last Period) and also down from the  same period a year ago.  The “Median Home Price” is up.  Keep in mind  that the median price is the price where most  sales are occurring and not necessarily a price increase in a specific  property.  However, most groups use this statistic as an indicator of  the direction of pricing.  The “Unsold Inventory Index” has dropped  meaning that at the rate homes were selling during  the period, there would be a 4.1 months supply.  The “Median Time on  Market”  is also down which means that the market is active and may also  reflect the smaller inventory.  The “Traditional Housing Affordability  Index” is up.  The means that last year 50%  of the public could afford to purchase a home, and now 55% can afford a  home.  This probable reflects lower pricing, and lower interest rates.   Finally, the “30-year fixed-rate mortgage is down almost a full point  from a year ago.  This ties back into the  affordability index.

Again all of these  numbers look good for the real estate market.  That is why I think this  is an excellent time to purchase.  The numbers back this up along with  many other real estate experts.


Posted by: Larry Smyth

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