Although Home Sales Dropped This Summer in California, Market Remains Optimistic
In California, home sales have been steadily dropping.
The California home market entered a strange phase at the end of the 2016 summer. The market was moving much slower than normal and some higher prices led to less affordable homes, causing people to hesitate from buying.
“Demand begins to soften heading into the fall since many buyers with families buy before school starts,” said Andrew LePage, a real estate analyst.
According to the Los Angeles Times, Southern California’s median home price fell to $460,000 in August, although the median price is still about 5.7% higher than last year at this time.
“It’s not unusual for the median to decline modestly between August and September, LePage added. “In part because demand begins to soften heading into the fall, since many buyers with families buy before school starts.”
Los Angeles Daily News reports that the market did have a slow summer despite job growth and a decrease in lower mortgage rates.
On a national scale, however, the U.S. Commerce Department stated that new home sales actually rose 3.1% across the country during the summer.
Although California saw a slower summer, for now that can just be chalked up as an outlier. On average it still takes about 40 days to close on a home in California and people will surely continue to sell through the fall and into the winter.
It’s important that anyone dealing with any type of real estate law contract in California should with a qualified real estate lawyer.
These lawyers are fully experienced in property law and can assist you throughout the entire home buying (or selling) process including filling out all real estate contracts.
According to the National Association of Realtors, wholly 77% of homebuyers get inspections done before finishing a real estate deal. It’s recommended to have the home inspected beforehand to avoid any unwanted surprises once you move in or even little later down the line. Experienced real estate lawyers on behalf of the seller will encourage them to have any and all repairs done well before the house is listed.