LAKEPORT, Calif. – Median home prices are continuing to improve in Lake County, according to the latest report from the Lake County Association of Realtors.
The association reported that the median sales price of single family residences in August rose to $172,000 up from $168,000 in July.
The report also showed a significantly increase in the median days to sell, which nearly doubled from 56 days in July to 102 days in August.
That statistic, the association said, may be an anomaly, as the yearly median is tracking at 72 days to sell and for the last two years the median has been 75 days and 74 days.
Inventory levels increased to 6.27 months of inventory versus 5.68 in July. Normal inventory levels are considered to be six months, the association reported.
“August showed an increase in distressed property sales,” said Lake County Association of Realtors President Rick White. “This is a reversal from the trend we have been seeing, but fluctuations in the market can be expected when looking at short term results.”
White went on to state that 30 percent of the sales were distressed in August compared to 20 percent in July. However, this number was down from 43 percent of the sales in August 2013.
On the financing front, the August report showed a dip in cash buyers who made up 30 percent of the purchases compared to 39 percent in July and 45 percent in August of 2013.
Purchases with a conventional loan rose to nearly 44 percent, up from 32 percent in July and more than double the 21.5 percent in August of 2013, according to the report.
Lake County median home sales price up in August
- Lake County News reports
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