Stabilizing Housing Market Means + Median Home Price Increase = Time to Buy
July 24th, 2009 Categories: Real Estate Tools
The 30 year fixed mortgage rate is hanging tough at 5% and in some cases being advertised below that.
New data released in the past 24 hours suggests that the nation’s housing market is stabilizing. This wasn’t supposed to happen so fast. The median US home price increased slightly in May for the first time in over 10 months.
Southern California in particular is showing promising signs of life.
In June the median home price in LA, Orange, and San Diego Counties, some of the hardest hit by foreclosure rose significantly. Orange County’s median home price was up to $320,000 in June from $300,000 in May. Less than half of all Los Angeles home sales were on foreclosed properties. Keep in mind a large percentage of the nation’s foreclosures are right here in California.
Read more at the ValerieFitzgeraldGroup.com and learn about luxury real estate in Beverly Hills, Bel Air and West L.A neighborhoods.
From Examiner.com
