LAKE COUNTY, Calif. – The Lake County Association of Realtors reported that sales of single-family residences continue to hold steady with little gain or decline in the median price.
The median sales price for May was $265,000, up 1.94 percent from April’s median of $259,950 and down 1.12 percent from the May, 2018 median of $268,000.
In May there were 79 reported sales, a gain of 36 percent over April’s 58 sales. On a year-to-year basis May sales were 9.2 percent less than the 87 sales in May of 2018.
“The current market factors should help buyers,” said Mary Benson, 2019 Lake County Association of Realtors president. “A combination of interest rates being at their lowest level in nearly a year and a half, little or no pricing gains and more homes on the market are making homes more affordable in Lake County.”
For the month cash financing was used in 25.3 percent of the transactions, conventional loans accounted for 35.4 percent of the deals and FHA loans were used in 22.8 percent of the sales.
On a statewide basis the California Association of Realtors reported that the median sales price in California for May was $611,190, up 1.4 percent from April and up 1.7 percent from May of 2018.
Existing, single-family home sales total 406,960 in May on a seasonally adjusted annualized rate, up 2.6 percent from April and down 0.6 percent from May, 2018.
The 30-year, fixed-mortgage interest rate averaged 4.07 percent in May, down from 4.59 percent in May 2018, according to Freddie Mac.
The five-year, adjustable mortgage interest rate increased in May to an average of 3.65 percent from 3.79 in May 2018.
NUMBERS AT A GLANCE
May 2019
Median price: $265,000
Units sold: 79
Median days to sell: 48
April 2019
Median price: $259,950
Units sold: 58
Median days to sell: 56
May 2018
Median price: $268,000
Units sold: 87
Median days to sell: 41
Lake County real estate prices remain steady in May
- Lake County News reports
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