California home sales see worst August in 4 years

Last month, the California Association of Realtors predicted a slow down for the state’s housing market in 2020. 
According to a recent report by CoreLogic, cooling home sales are already here. In fact, August marked the fewest home sales for that month in four years.
“California home sales edged moderately lower in August, marking the twelfth month out of the last 13 in which sales were lower than a year earlier as some would-be buyers remained priced out and others stayed on the sideline, hesitant to buy near a potential price peak,” the report stated. 
CoreLogic estimated that during August about 42,440 new and existing houses and condos sold in California. That number is down 0.2% from the previous month and down 2.8% from August 2018. While the number of sales declined, so did the median home price in comparison to its June 2019 peak of $509,000.
According to CoreLogic, the median price paid for all new and existing houses and condos sold statewide this August was $499,000. While this price is down 0.2% from $500,000 in July 2019, it is up 1% from the previous August, when median prices sat at $494,000. 
The report stated that home sale activity normally edges higher between July and August. As stated earlier, this August was the twelfth month out of the last 13 in which sales were lower than a year earlier. The only annual gain was seen in July this year, and CoreLogic is attributing that gain to lower mortgage rates.
“The significant drop in mortgage rates in recent months has helped stoke sales by enabling many buyers to purchase homes with at least modestly lower payments than they would have faced last year,” the report stated. “While California’s median sale price was up 1% year over year this August, the state’s ‘typical mortgage payment’ – the monthly principal and interest payment on the median-priced home – fell almost 11% because of a roughly 1 percentage point decline in mortgage rates over that 12-month period.”

Comments

Post a Comment

Popular posts from this blog

Crucial Coronavirus Cleaning Tips: How To Keep Your Home Germ-Free During the Pandemic

Image
How long the virus survives—and where it thrives The novel coronavirus can survive on surfaces anywhere from hours to days. The latest information is that it can last 24 hours on cardboard, 48 to 72 hours on plastic, and 48 to 72 hours on stainless steel, says  Dr. Reuben Elovitz , internist and CEO at  Private Health Dallas , who cited a recent study from the  New England Journal of Medicine . The duration also depends on a few other factors, like temperature and whether a surface is prone to holding moisture. “Wooden handles, for example, are more likely to be damp than metal under normal conditions—and damp conditions can enable many infectious agents to thrive,” explains molecular biologist  Dr. Tracey Evans . “ Furthermore, a warm room is more favorable for many pathogens than a cold one.” Regardless of what kinds of temperatures and surfaces you have in your home, there are things you can do to keep these dangerous pathogens at bay. Ditch germs at ...
Read more

7 Ways to Create a Neighborly Front Yard

Image
1. Shade the Sidewalk Consider placing a tree where it will shade the sidewalk to help create a pleasant environment and encourage walking and visiting among neighbors. Trees provide rain and sun protection, and temperature differentials of 5 to 15 degrees are felt when walking on tree-canopied streets. In urban areas trees help mitigate the  heat-island effect  and provide a connection to nature. Most cities require permits for adding trees to a parkway (or hell strip), but permits are not usually required for planting on private property. Sean Papich Landscape Architecture 2. Set the Fence Back Placing a low fence or wall back a few feet from the edge of the sidewalk allows room for planting, and plants provide visual interest for pedestrians. In addition to cheerful  daisies  like these, velvety plants such as  lamb’s ears  ( Stachys byzantina ;   USDA zones 4 to 9;  find your zone ) would work well. June Scott Design ...
Read more

What’s New in Outdoor Lighting Design

Image
Linear Lighting There’s a trend toward the more extensive integration of lighting with modern hardscape elements. Sleek, minimalist linear step lighting illuminates a path while keeping light fixtures hidden from view. It also enables you to more easily highlight an architectural feature, such as stairs or a freestanding wall.  ZEN Associates, Inc. Laurie Ghielmetti Floating Structures Another trend is placing lights beneath landscape structures, creating the illusion that they are floating-- light is hidden to visually float steps, benches, bridges and other outdoor landscape elements. dSPACE Studio Ltd, AIA BEGA North America Sleek, Modern Fixtures A big trend is to use path lights that look more architectural, rather than the traditional flower or mushroom shapes. Pistils Landscape Design + Build Nightfall Landscape Lighting Low-Voltage Lighting While low-voltage lighting is not necessarily a new concept,...
Read more