Interest rates are low and inventory is high. It’s the perfect storm for a home buyer.Verify your mortgage eligibility (Sep 27th, 2021)
Interest rates have hit 2.5-year lows and home buyers and home owners are taking advantage of it. May’s Existing Home Sales Report shows an increase of 2.5% which blew away the projected 1.3% and according to the Mortgage Bankers Association, refinances are up 80% over last year.
For home buyers interest rates have a huge impact on your affordability. Since California has high cost markets your interest rate has a bigger affect on your monthly payments than most people realize.
Home owners, don’t feel left out. It’s a great time to look into your situation to see if consolidating your higher cost debt into your mortgage is a good idea. There’s also a great opportunity for you to save on your monthly payment.Verify your mortgage eligibility (Sep 27th, 2021)
Inventory and Sales
The amount of homes for sale across the nation is up by 1.92 million homes (2.7%) on the market. Which brings us to a 4.3 month supply of inventory.
The California Association of Realtors has the Median Sold Price of Existing Single-Family Homes in Sacramento County at $385,000 up 2.7% from May of last year. They also list The State of California is up 1.7% year over year to a median price point of $611,190.
The median sales price of condos and townhomes is in Sacramento County is up 4.7% year over year to $235,500. The state of California is up 1.1% year over year to a median sales price of $470,000.