LAKE COUNTY, Calif. – The Lake County Association of Realtors reported that September sales in Lake County varied from the statewide numbers.
The number of sales recorded both in the county and the state were down from the previous month, but Lake County’s median price for the month increased while the statewide median decreased, the association reported.
The Lake County September median sales price was $281,500, which was up 7.24 percent over the August median of $262,500. On a year-over-year basis the August median was up 20 percent over the August 2017 median price of $234,450.
There were 61 sales of single-family residences in September which was a 30.7 percent decline from the 88 sales recorded in August. On a year-over-year basis there was a decline of 29 percent. The number of sales in September 2017 was 86.
“There are a number of factors that are contributing to the market,” stated Melissa Chapman, LCAOR’s 2018 president. “Interest rates have been on the rise and the continued price increases have made affordability more of an issue causing some buyers to go to the sidelines.”
Conventional loans accounted for 42.6 percent of the sales, with FHA loans being used in 14.75 percent of the transactions and VA loans being utilized in 8.2 percent of the deals. Cash was used to finance 21.3 percent of the sales.
On a statewide level the California Association of Realtors reported that existing, single-family home sales totaled 382,550 in September on a seasonally adjusted annualized rate, down 4.3 percent from August and down 12.4 percent from September 2017.
September’s median home price for the state was $578,850, down 2.9 percent from August but up 4.2 percent from September 2017.
Inventory levels reached their highest level in 31 months, with the Unsold Inventory Index reaching 4.2 months in September. In Lake County inventory levels were at 7.0 months.
The 30-year, fixed-mortgage interest rates averaged 4.63 percent in September, up from 4.55 percent in August and up from 3.81 percent in September 2017, according to Freddie Mac. The five-year, adjustable mortgage interest rate edged higher in September to an average of 3.94 percent up from 3.87 percent in August and up from 3.16 percent in September 2017.
LAKE COUNTY NUMBERS AT A GLANCE
September 2018
Median price: $281,500
Units sold: 61
Median days to sell: 58
August 2018
Median price: $262,500
Units sold: 88
Median days to sell: 40
September 2017
Median price: $234,450
Units sold: 86
Median days to sell: 47
Lake County’s September property sales numbers down, prices up
- Lake County News reports
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