Southern California July 2016 Home Sales Volume Dips, however-
Median Sale Price Steady Month to Month and Up Year Over Year (*Median Price 7-15/7-16)
The typical mortgage payment that Southern California home buyers committed to in July 2016 was $1,662, down slightly from $1,683 in July 2015. Adjusted for inflation, the July 2016 payment was 43.6% below the $2,946 in July of 2007.
Cash Buyers accounted for 19.6% of July 2016 home sales. That is the lowest level for any month since October 2008. Cash sales peaked in February 2013 at 37.5% of the market. The monthly average for cash buyers since 1988 is about 16%.
Absentee buyers (investors and second home purchasers) bought 19.9% of South land homes sold in July 2016. The peak was 32.2% in February 2013. The monthly average for absentee buyers since 1988 is about 18.0%.
The median price paid for all Southern California homes sold in July 2016 was $465,000. That was the highest for any month since August 2007 when it was $500,000.
Home Sales of $500,000 or more accounted for 45% of all sales in July 2016, up from 40.6 in July 2015. The July share of homes selling for $500,000 or more was the highest for any month since the credit crunch hit in August 2007 when the $500,000-plus share was 49.4%.
*Median Price=half more/half less. * All information deemed reliable but not guaranteed. For tax, ownership or investment advice we suggest you contact an attorney or certified public accountant. Taken from CoreLogic.com
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