LAKE COUNTY, Calif. – The Lake County Association of Realtors reported that August real estate sales in Lake County followed a pattern that has been seen for most of 2019, with prices remaining relatively flat and overall sales down when compared to 2018.
The median sales price in August was $259,900, up 2.77 percent from the July median and down 1.14 percent from August 2018.
There were 80 sales of single-family residences in August, down 18.38 percent from the 98 sales in July and down 9.1 percent from the 88 sales in August, 2018.
“Housing demand has exhibited signs of improvement in recent months as lower rates continued to reduce the cost of borrowing for home buyers,” said LCAOR President Mary Benson. “However, buyers remain cautious, and many are reluctant to jump in because of the economic and market uncertainty that continue to linger, and that is keeping growth subdued despite significantly lower rates.”
On the financing side of the business, cash buyers purchased 21.25 percent of the sold homes, conventional loans 36.25 percent and FHA 22.5 percent. VA loans accounted for 6.25 percent of the sales and USDA loans 5.0 percent.
On a statewide basis the California Association of Realtors reported that the median sales price in California for August was $617,410, up 1.5 percent from August and up 3.6 percent from August 2018.
Existing, single-family home sales totaled 406,100 in August on a seasonally adjusted annualized rate, down 1.3 percent from July and up 1.6 percent from August 2018.
The 30-year, fixed-mortgage interest rate averaged 3.62 percent in August, down from 4.55 percent in August 2018, according to Freddie Mac.
The five-year, adjustable mortgage interest rate was an average of 3.36 percent, compared to 3.47 percent in August 2018.
NUMBERS AT A GLANCE
August 2019
Median price: $259,500
Units sold: 80
Median days to sell: 46
July 2019
Median price: $252,500
Units sold: 98
Median days to sell: 37
August 2018
Median price: $262,500
Units sold: 88
Median days to sell: 40
Lake County’s August real estate sales show flat prices, year-over decline
- Lake County News reports
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