Santa Clarita single family homes holding at just over $500K, while condos take a leap forward in July.
Recent statistics released by the Southland Regional Association of Realtors showed home prices holding, with single family homes in the Santa Clarita Valley at an 8 year high, and condo prices jumping $15,000 from June.
The median price of a single family home in the SCV clocked in at $509,500 for the month of July. Condominiums in the valley are currently at a median price of $330,000.
442 homes closed escrow in July, which is a 16% increase over July of 2014. A total of 546 residential properties were listed last month, with 470 homes opening escrow.
Home Mortgage Rates
Home mortgage rates have dropped once again below 4 percent, holding as of the date of this article at 3.93 percent for a traditional 30 fixed rate loan. Some other loan options have even more favorable rates, including:
- 15 year fixed-rate mortgage: 3.19%
- FHA 30 year fixed: 3.60%
- Jumbo 30 year fixed: 3.72%
- 5/1 fixed rate adjustable mortgage: 2.96%
As you can see, mortgage rates are at a place that will afford home buyers a good deal of purchasing power.
Will rates go up?
While it’s tough to tell for sure, indications that the Federal Reserve may begin to raise rates as early as September are now meeting with skepticism from leading financial experts. The Fed had planned on raising rates as our economy continues to improve as a means to curb inflation, but recent worldwide economic issues surrounding China’s currency devaluation and Greece’s continuing debt crisis have affected the stock market here at home. This may prompt a hold off of rate increases until later this year.
Beware the “Wait and See” approach to home buying!
If you have been qualified for a home loan at a rate that would otherwise suit you, but think you should wait to see what happens, you’d best reconsider. While rates have once again dropped just below the 4 percent mark, they have been wavering all year long. One little hiccup back into the 4 percent range can completely throw off your qualifying loan amount, and you may not be able to get the home you want.
We are here to help you with your home buying and home selling needs.
As licensed, full-service Realtors, Team Avalos is ready to help you meet all of your real estate goals. Contact us today for a no obligation consultation.