Santa Barbara Real Estate California home prices are holding steady as high interest rates test the housing market according to the California Association of Realtors. Persistently high mortgage rates continue to test California's housing market as home sales fell for the fourth consecutive month in September, while the median price rose from the year-ago level for the third straight month to record its largest year over year gain in more than a year. The President of the California Association of Realtors Jennifer Branchini says, "With the market being less competitive, there are greater opportunities for consumers who need to purchase a home for personal reasons or those who can qualify to purchase at today's interest rates. More sellers are making concessions as homes are taking longer to sell, fewer homes are selling above asking price, and there are more homes to choose from. Click Read More below for more information and video.
Real Estate News You Can Use! How's the housing market in California right now? According to the California Association of Realtors, the monthly and annual home price growth accelerated in August. For the first time in five months California house sales also increased which was mainly due to a window of opportunity generated by a temporary decline in mortgage rates that created a little more favorable lending climate.
California home sales fell from both the previous month and year in March as the coronavirus pandemic began taking a toll on the housing market, especially in the last two weeks of the month as the state’s stay-at-home order was put in place.
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