Temecula
Southern California Home Sales
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
Looking to make a move in or out of Temecula, Murrieta, Wildomar, Hemet, Winchester, Menifee, or Lake Elsinore? We’re your answer to how to keep it stress free. Call, text or email with any questions to april@teamgreer.com or (951) 522-0518.
