June Home Sales: HOT!
Despite all the chaos in the world, the 2016 real estate market is looking like a carbon copy of 2015:
Real Property Report — California, June 2016
Year-to-Date Sales Nearly Unchanged Since 2009
Median Price Hits 9-Year High, Up 6.3 Percent from June 2015
Cash Sales Remain Strong Despite High Prices
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“Sales have trended mostly sideways for eight consecutive years,” said Madeline Schnapp, Director of Economic Research for PropertyRadar. “While sales volumes appear to have hit a ceiling, prices continue to reach new heights. Lack of inventory, near record low mortgage interest rates, and increase in demand due to California’s continued economic vitality are pushing prices higher.” |
“The increase in home prices is not surprising given the fact that new housing inventory is difficult to deliver within California’s burdensome regulatory environment,” said Schnapp. “While inventory remains constrained, California’s economic growth engine continues to churn out an impressive number of new jobs, 448,000 in 2015, driving up demand. That, combined with investors buying real estate to shelter cash, continues to push up prices beyond reasonable levels.”
VIEW THE ENTIRE REPORT PLUS ELEVEN VISUAL CHARTS COVERING:
Home Sales, Year-over-Year Home Sales, Median Sales Price vs. Sales Volume, California Home Owner Equity, Cash Sales, Flipping, Market Purchases by LLCs and LPs, Market Sales by LLCs and LPs, Trustee Sale Purchases by LLCs and LPs, Foreclosure Notices and Sales, Foreclosure Inventory.
