LAKE COUNTY, Calif. – The Lake County Association of Realtors, or LCAOR, reported that the sales of single-family residences have remained relatively flat over a three-month period.
The Lake County median sales price for April was $259,950, up 4.4 percent over the March median of $249,000. The February median was $257,050.
Year-over-year trends showed an 8.5-percent decline in the median price with April of 2018 having a median of $284,000.
The number of sales in April was 58, up 13.7 percent over 51 sales in March. February had 61 sales, the most thus far for any month of the year.
The number of sales in April 2018 was 79, resulting in April 2019 sales being down by 26.6 percent on a year-to-year basis.
The percentage of homes financed with cash in April was 32.8 percent, which was up from 23.5 percent in March and up from 22.8 percent in April 2018.
“With prices remaining below last year’s we have seen affordability rise,” said Mary Benson, 2019 LCAOR president. “According to the California Association of Realtors 44 percent of Lake County residents can afford to buy a median priced home, which is up from 40 percent during the same time period in 2018.”
On a statewide basis, the California Association of Realtors reported that 32 percent of California residents could afford the first quarter median price of $545,820, up from 28 percent in the fourth quarter of 2018 and up from 31 percent in the first quarter of 2018.
Affordability is based on 30-year fixed rate loans at a 4.62-percent interest rate.
The California Association of Realtors reported existing, single-family home sales in California totaled 396.760 in April on a seasonally adjusted annualized rate, down 0.1 percent from March and down 4.8 percent from April 2018.
April’s statewide median home price was $602,920, up 6.5 percent from March, and up 3.2 percent from April 2018.
The 30-year, fixed-mortgage interest rate averaged 4.14 percent in April, down from 4.47 percent in April 2018, according to Freddie Mac. The five-year, adjustable mortgage interest rate rose in April to an average of 3.75 percent up from 3.66 in April 2018.
LAKE COUNTY NUMBERS AT A GLANCE
April 2019
Median price: $259,950
Units sold: 58
Median days to sell: 56
March 2019
Median price: $249,000
Units sold: 51
Median days to sell: 69
April 2018
Median price: $284,000
Units sold: 79
Median days to sell: 37