California Real Estate Market Update 2019 Q2

Hey guys it’s Shayna with Rodeo Realty
and I just wanted to come in and give you a quick update of the real estate
market of the second quarter of 2019. Okay so first I’m going to just list
some data points and then I will go ahead and break down what exactly that
all means. So sales have been down at every price point year-over-year
and due to sales being down that means that supply or the inventory of houses
that’s available have increased just slightly. Data point #2 the
median price point in California recorded a new high in June. The
median price in June was at about $611,000 that’s a 1.4% increase from June of last year 2018. So prices did go up slightly.
Condo and townhome prices also increased as well. So in June of 2018 it was about
$476,000 for the median price and this year for June
2019 the median price came out to be $480,000. So, yes,
there was an increase in in that home type as well, condos and
townhomes. And the last data point is that mortgage payments have been
decreasing and this is due to the decreasing mortgage interest rates
that’s been happening over the past a couple of months. Now is that it’s 31
month lowest at 3.75 percent. So what does this all mean?
So for sellers this means that if your home is currently on the market you may
have noticed that it’s staying on the market a little bit longer than you had
anticipated but if you had a great realtor they should have forewarned you
that that is a possibility due to the market trends, the current market trends.
When you do sell your home you are definitely going to get still a fair
market value. You’re still going to come out on top because as I mentioned
earlier in the video prices have gone up. So more than likely you’re going to be
coming out with lots of equity in your pocket. And what does this all mean
for buyers? So for buyers yeah there are a little bit more homes on the market
but as I mentioned earlier sales are down at every price point. So this means
that prices are still a little high for buyers currently.
And the only data point that I see that would make buyers more willing to go
ahead and pull the trigger to buy that dream home of theirs is the lower
mortgage interest rates. the average is coming out about 3.75 percent. and as you know lower interest rates really helps with that mortgage payment coming down
to a more affordable price for, I’m sorry, to a more affordable monthly payment
for homebuyers. So that is it that is my market update for the second quarter of
2019. See you guys soon.

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