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Surging mortgage rates and still-high home prices are not leaving already demoralized home shoppers much to be thankful for these days. Nonetheless, the housing market remains competitive as demand continues to outpace supply. Would-be buyers with the stomach to stay in the market are gobbling up the limited inventory, especially new homes, as builders continue offering incentives to hopeful homeowners. Click Read More below for more information and video from Altos Research.
May 20, 2024 – Mortgage rates moderated further last week before inching up in the past couple of days, as the latest economic reports suggest that consumer inflation resumed its downward trend, while retail spending cooled more than expected. It will take more than just a couple of reports to justify rate cuts for the Fed, but the new numbers offer hope that the central bank could still lower rates in their upcoming July or September meeting. The California housing market, meanwhile, kicked off the spring homebuying season with an encouraging start. April home sales at the state level improved moderately from last month and were up from the same month of last year, while the statewide median price soared to the highest level on record. Housing supply continued to improve, with new active listings surging by double-digits from a year ago for the fourth consecutive month. Source: California Association of Realtors. Click Read more for Santa Barbara real estate market trends, statistics, and video.
The Santa Barbara real estate market trends for 2024 have been admirable. In the first half of the year, there were 625 sales, a 12% increase compared to last year. While single-family detached homes accounted for 446 homes sold, reflecting a 15% increase over the same period as last year, condominiums and townhomes accounted for 179 homes sold, a 7% increase. The average sales price for single-family detached homes rose by 14% to $3,714,928 while the median price rose by 7% to $2,250,000. The average sales price for condominiums decreased by 3% to $1,135,143 and the median price rose 5% to $975,000. In the second quarter of this year, all cash sales made up 42% of all sales, a 2% increase from the same period last year. Inventory supply has picked up. The inventory supply has climbed to its highest level since 2020. Sitting at just over 3 months. Source: Fidelity National Title Company. Click Read More below for charts, graphs, and video
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