Santa Clarita holding its own in housing sales.
As summer sizzled its way through August, the SCV saw only a slight uptick in overall median housing prices, holding at $468,600, rising $4,000 from July. This median level includes all homes, including single family and condominium sales.
Typically we do see an upswing in August from July as it represents the peak of the summer buying season. August also showed less listings and escrow closings than July, with 446 homes being listed for sale, and 415 homes closing.
Of course, even with home prices on the rise, buyers are still finding their purchasing power boosted by interest rates that are still below 4 percent, despite worries that they may rise. That fear was put on hold last week when, after a two day conference held by the heads of the Federal Reserve, it was decided that rates would remain at their current position for a while longer. There are hints that they may rise as early as December, however.
In the meantime, “on-the-fence” buyers should consider taking advantage of what are still considered historically low rates and find out what it will take to qualify for a loan now. This is still a great time to purchase a home in the Santa Clarita Valley, and a great opportunity to take advantage of all the perks of home ownership that include wealth building equity, possible tax breaks, and the satisfaction of knowing that the place you live in is yours, and not subject to lease renewals, rising rents, or being forced to move because the owner of the property you occupy decides to sell.
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