Single family home sales up in August.
Single family home sale rose nearly 3 percent in August from July, and show a nearly 7 percent rise from August of 2014. This is continued good news in a year that so far, has shown no signs of slowing in the Santa Clarita real estate community.
The median price of single family homes in the Santa Clarita Valley has risen $43,000 since January, when the price began the year at $480,000. Think about it. In 8 months, your home on average, gained in equity what many people strive to make in a year.
Condos took a slight dip in August, off $5,000 from its yearly high of $330,000 in July. Still, it’s the strongest showing in growth since 2007.
What’s driving these prices upward?
Of course, we can chalk at least part of the continued home price rise to the fact that mortgage interest rates are still holding at just below 4 percent. Buyers anxious on word that the Federal Reserve may raise rates by the end of the year are taking advantage of increased purchasing power by acting on the fact that they can still get a great rate on a home loan.
Another factor is that the Santa Clarita Valley is still low in available homes for sale. Inventory levels stand at just below 2 months, when an “average” or “balanced” market will show inventory levels at between 4 and 6 months. Less homes drives up buyer demand, which of course lends itself to higher home prices.
What’s your next move?
Whether buying or selling a home, Sheppard Properties provides a personal level of professional service, with attention to detail and a focus on helping you reach all of your real estate goals. Contact us today for a no obligation consultation.