LAKEPORT, Calif. – The Lake County Association of Realtors reported that the sale of single-family residences in Lake County remained steady in October.
The same pattern was observed statewide and in general the trend has been consistent throughout 2019.
There were 69 sales of single-family residences in October compared to 76 sales in October about a 9 percent decrease. The year-over-year decrease was 2.8 percent. In October 2018 there were 71 sales.
The October 2019 median sales price was $269,000, down 2 percent from the September median of $274,500.
The year-to-year median sales price increased 3.9 percent. The median for October 2018 was $259,000.
“Possibly the most challenging issue for Lake County real sales right now is affordable insurance,” said Lake County Association of Realtors President Mary Benson. “Not all properties have this issue, but it is nonetheless extremely important that buyers start their insurance search early in the buying process.”
On the financing side of the business cash buyers purchased 17.5 percent of the sold homes, conventional loans 37.5 percent and FHA 12.5 percent. VA loans accounted for 8.75 percent of the sales and USDA loans 3.75 percent.
On a statewide basis the California Association of Realtors reported that the median sales price in California for October was $605,280, down 0.1 percent from September and up 6.0 percent from October 2018.
Existing, single-family home sales totaled 404,240 in October on a seasonally adjusted annualized rate, up 0.1 percent from September and up 1.9 percent from October 2018.
The 30-year, fixed-mortgage interest rate averaged 3.69 percent in October, down from 4.83 percent in October 2018, according to Freddie Mac.
The decrease of 114 basis points for the 30-year fixed-mortgage rate was the largest decline in any 12-month period since November 2009.
The five-year, adjustable mortgage interest rate was an average of 3.38 percent, compared to 4.08 percent in October 2018.
LAKE COUNTY NUMBERS AT A GLANCE
October 2019
Median price: $269,000
Units sold: 69
Median days to sell: 64
September 2019
Median price: $274,500
Units sold: 76
Median days to sell: 57
October 2018
Median price: $259,000
Units sold: 71
Median days to sell: 51
Real estate market holds steady in October
- Lake County News reports
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