LAKE COUNTY, Calif. – July was a good month for real estate sales in Lake County and the rest of California.
The Lake County Association of Realtors, or LCAOR, reported that the number of single-family residential sales in Lake County for July rose by 21 percent over June sales, following a statewide trend.
There were 98 sales in July compared to 81 sales in June. In July of 2018 there were 75 sales, making the year-to-year gain 30.7 percent.
The median sales price for July was $252,2000 down 6.5 percent from the June median of $270,000. The median was up 1.0 percent over the July 2018 median of $249,900.
“Favorable interest rates have helped sales,” said 2019 LCAOR President Mary Benson. “Mortgage rates have dipped to their lowest level in nearly three years and that combined with five consecutive months of lower rates has given buyers more purchasing power.”
Financing trends remained similar to previous months and recent years. Cash buyers purchased 20.5 percent of the sold homes, conventional loans 38.8 percent and FHA 19.4 percent. VA loans accounted for 8.2 percent of the sales and USDA loans 6.1 percent.
On a statewide basis the California Association of Realtors reported that the median sales price in California for July was $607,990, down 0.4 percent from June and up 2.8 percent from July 2018.
Existing, single-family home sales totaled 441,630 in July on a seasonally adjusted annualized rate, up 5.6 percent from June and up 1.1 percent from July 2018. July posted the first year-over-year sales gain and the highest sales level in fifteen months.
The 30-year, fixed-mortgage interest rate averaged 3.77 percent in July, down from 4.53 percent in July 2018, according to Freddie Mac.
The five-year, adjustable mortgage interest rate was an average of 3.47 percent, compared to 3.84 percent in July 2018.
LAKE COUNTY NUMBERS AT A GLANCE
July 2019
Median price: $252,500
Units sold: 98
Median days to sell: 37
June 2019
Median price: $270,000
Units sold: 81
Median days to sell: 35
July 2018
Median price: $249,900
Units sold: 75
Median days to sell: 45
Lake County’s real estate sales jump in July
- Lake County News reports
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