The California Association of Realtors says that housing prices has cooled off after the prices have remained at its peak all throughout the summer.
Advertisement
CoreLogic Inc. said Thursday that the median sales price for new and existing houses and condominiums was $409,000, down from a 7 1/2-year high of $415,000 in July but up more than 4 percent from August 2014. It was the 42nd straight month of annual price gains.
LePage said, “But one month doesn’t make a trend, and this year’s three summer months combined – June, July and August – represent the highest sales for that period since 2006”. Instead, they claim affordability is likely the factor behind the drop. Home sales were up 8.9 percent in Riverside County and up 13.6 percent in San Bernardino County from August 2014. A total of 3,378 homes were sold in the county, up from 3,103 during the same month the previous year. In contrast with San Francisco, the home prices are very expensive plus there are too few sometimes none at all in its inventory.
David Silver-Westrick, operating partner of Keller Williams OC Coastal Realty in southern Orange County, said San Clemente, a city of about 65,000 people, has about 280 homes on the market, up from about 160 two years ago but still well below a normal market of about 600 homes. The median sale price recorded the year earlier was $420,000.
“My view of what’s happening now is slow, steady and sustainable”, Goldman said. The price is now $222,660 (from August) as compared to $223,860 in July.
The median price homebuyers paid for all Southern California homes sold in August was $438,000.
Advertisement
The June and July flurry of Bay Area home sales abated in August, though the sales volume was still up on a year-over-year basis, according to new data from CoreLogic, the real estate information service. The figures are especially true in the counties of Kings and Madera, wherein “a 5.3 and 4.2 percent fall in home prices month-over-month” respectively.
