While interest rates are higher than a year ago, they have steadily been declining since November. With home prices cooling and market competition easing, some Buyers who missed out on the frenzied market of the last two years are taking advantage and finding sellers more willing to negotiate than in the past.
Looking at the statistics for home prices from top to bottom in California, we can see that is certainly not all gloom and doom:
- Far North: highest year-over-year drop of 3.7%, with the median price being $366,000
- San Francisco Bay Area: the highest year-over-year decline of 5.8%, with median price being $1,225,000
- Central Coast: year-over-year gain of 0.1%, with median price being $900,000
- Central Valley: year-over-year drop of 1.3%, with median price being $445,000
- Southern California: year-over-year gain of 0%, with median price being $750,000
According to Zillow, the typical home in Orange County is still above $1,000,000 and overall, prices in Southern California haven’t fallen as much as the median indicates.
San Bernadino County has experienced a 0.5% loss since the peak, while San Diego Couty has experienced a 2.6% drop. It is good to note however, that home prices in every County are higher than they were a year ago.
There are very few analysts who anticipate price declines on a par with those seen during the Great Recession, if any at all. The market remains favorable to house sellers as they remain in control.
If you missed out on the last 2 year’s wild real estate market, this could be your year to win. Need faster or more forgiving real estate loan? How about calling Sun Pacific Mortgage at 707-523-2099 or get more information about our Private Money purchase and refinance programs on our website: www.SunPacificMortgage.com . Our 35 years of lending and hundreds of Private Investors have the experience to help get you into your dream home, to help you access your equity to buy another property, or build an additional residence on your present property.