- Lake County News reports
- Posted On
Report: Lake County real estate sales rise in November
LCAOR said that the number of sales in November increased 10 percent over October and 8.5 percent over November 2016.
Seventy-six single family residences sold in November with 69 selling in October. In November 2016 there were 70 sales.
The November median sales price was virtually unchanged from the October median. In November the median was $249,950 compared to October’s median of $250,000. The November 2016 median was $255,000.
“The market has continued to be active,” said Melissa Chapman, 2018 LCAOR president. “At 5.3 months the unsold inventory index has remained higher than the statewide inventories and that is a good sign for the Lake County real estate market.”
Cash only purchases made up 27.6 percent of the transactions compared to 28.6 percent in November 2016.
Conventional loans accounted for 35.5 percent of the deals with FHA loans being used for 21 percent of the purchases.
The California Association of Realtors, or CAR, reported existing, single-family home sales totaled 440,340 in November on a seasonally adjusted annualized rate, up 2.1 percent from October and down 0.8 percent from November 2016.
November’s statewide median home price was $546,820, up 0.1 percent from October and up 8.8 percent from November 2016, CAR reported.
With housing inventory remaining at stubbornly low levels, CAR said the statewide unsold inventory index dropped to 2.9 months in November.
Mortgage rates edged higher in November as 30-year, fixed-mortgage interest rates averaged 3.92 percent in November, up from 3.90 percent in October and from 3.77 percent in November 2016, according to Freddie Mac.
The five-year, adjustable-rate mortgage interest rate also ticked higher in November to an average of 3.24 percent from 3.18 percent in October and from 2.74 percent in November 2016, Freddie Mac reported.
LAKE COUNTY NUMBERS AT A GLANCE
November 2017
Median price: $249,950
Median days to sell: 54
Units sold: 76
October 2017
Median price: $250,000
Median days to sell: 36
Units sold: 69
November 2016
Median price: $255,000
Median days to sell: 82
Units sold: 70