Santa Barbara Real Estate Market Trends 2023
The California real estate market has shown signs of recovery in May, with home sales reaching the highest level in eight months and the median home price surpassing $800,000 for the second consecutive month. The market is demonstrating resilience and stability.
The Santa Barbara real estate market remains strong while interest rates hover around 7%. On July 16, 2023, the current average interest rate for a 30-year mortgage was 7.14%. Source: Bankrate
All cash purchases have picked up since last year here in Santa Barbara. All cash sales for June of 2022 were 28%. This year for June? 40%, which probably reflects the dramatic hike in interest rates this year.
MARKET TRENDS FOR SANTA BARBARA REAL ESTATE
116 Homes sold in June of 2023 and 147 Homes sold in June of 2022 Source: Fidelity Title Company
Single-Family Detached Homes Sold in June 2023
Condominiums and Townhomes Sold in June 2023
MID YEAR SANTA BARBARA REAL ESTATE UPDATE
MONTHLY INVENTORY SUPPLY TREND
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