LAKE COUNTY, Calif. – A new report shows a promising upward trend for home prices in Lake County.
The Lake County Association of Realtors, or LCAOR, reported the April median sales price for single family residences in Lake County rose to $284,000, the highest median sales price in more than 10 years.
The April median was 1.6 percent higher than the March median of $279,500, LCAOR said. On a year-to-year basis the 2018 April median topped the 2017 April median of $235,000 by more than 20 percent.
The number of sales in April was 79 compared to 66 in March, accounting for a 19.7 percent gain in sales. There were 81 sales in April of 2017, the association reported.
The association said Lake County inventory levels grew from 5.3 months of inventory in March to 6.3 months in April.
Conventional loan financing was used in 45.6 percent of the transactions with FHA loans being used in 19 percent of the overall deals. Cash financing was used in 22.8 percent of the sales, LCAOR said.
“California as a state continues to struggle with affordability,” said LCAOR President Melissa Chapman. “Although prices are increasing here a report by the California Association of Realtors estimated that about 40 percent of the Lake County households could afford the quarterly median sales price of $266,000. The minimum qualifying annual income for that amount is $55,160.”
The same report from the California Association of Realtors showed that 31 percent of the California households could afford the statewide quarterly median sales price of $538,640 with a minimum qualifying income of $111,500.
Mortgage rates have been on the rise since breaking the 4.0 percent barrier in February.
The 30-year, fixed-mortgage interest rates averaged 4.47 percent in April, up from 4.44 percent in March and from 4.05 percent in April 2017, according to Freddie Mac. The five-year, adjustable mortgage interest rate also edged higher in April to an average of 3.66 percent from 3.65 percent in March and from 3.15 percent in April 2017.
LAKE COUNTY NUMBERS AT A GLANCE
April 2018
Median price: $284,000
Units sold: 79
Median days to sell: 37
March 2018
Median price: $279,500
Units sold: 66
Median days to sell: 42
April 2017
Median price: $235,000
Units sold: 81
Median days to sell: 57
Report: Home prices continue to rise in Lake County
- Lake County News reports
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