Fast Facts from CAR and Freddie Mac - June 2007Creeping interest rates are no doubt hurting the housing market. Even though interest rates are low from a historical perspective, the constant drumbeat of the evening news makes it sound worse than it is. As a result, some of the markets in California are being hurt and the number of foreclosures continues to rise.
Here in the Bay Area, our market is very strong, partly due to the heavy restrictions on builders and partly due to the desirability of living in San Francisco (low supply and high demand).
Although the number of houses sold has fallen off, prices remain high, with over asking price sales still being the norm. Our current market report may be seen here. June numbers from California Association of Realtors are listed below.
- Janis Stone
Calif. median home price - June 07: $594,260 (Source: C.A.R.) (note: compared to $591,180 last month)
Calif. highest median home price by C.A.R. region June 07: Santa Barbara So. Coast $1,375,000 (Source: C.A.R.) (note: compared to $1,325,000 last month)
Calif. lowest median home price by C.A.R. region June 07: High Desert $306,310 (Source: C.A.R.) (note: compared to $313,550 last month)
Calif. First-time Buyer Affordability Index - First Quarter 07: 25 percent (Source: C.A.R.)
Mortgage rates - week ending 7/12:
- 30-yr. fixed: 6.73%; Fees/points: 0.4% (note: compared to 6.69% and 0.5% points last report)
- 15-yr. fixed: 6.39%; Fees/points: 0.4% (note: compared to 6.37% and 0.5% points last report)
- 1-yr. adjustable: 5.71%; Fees/points: 0.5% (note: compared to 5.66% and 0.7% points last report)
- California Association of Realtors & Freddie Mac