- LAKE COUNTY NEWS REPORTS
- Posted On
Lake County maintains strong real estate sales in September
The number of sales dropped 9.5 percent from August, but were up 41 percent from September 2016.
Eighty-six single family residences sold in September with 95 selling in August and 61 selling in September 2016.
The median sales price remained relatively stable. The September median was $234,250, down 2 percent from August and down less than a half percent from September 2016.
The inventory level hovered at six-months with 346 listings currently active and another 137 under contract, but not yet closed.
“After all the regional fires Lake County’s available inventory can give people housing options as they put their lives back together again,” said LCAOR President Bobby Dutcher.
Distressed home sales continued to decline with 3.5 percent of the sales falling into that category. In September 2016 the percent of distressed home sales was 6.6 percent.
Buyers exercised a number of options when it came to financing. Just over 25 percent of the sales were financed with cash. Conventional loan financing accounted for 35 percent of the deals, FHA loans 17.4 percent and VA loans 7.4 percent.
The California Association of Realtors, or CAR, reported existing, single-family home sales totaled 436,920 in September on a seasonally adjusted annualized rate, up 2.2 percent from August and 1.7 percent from September 2016.
September’s statewide median home price was $555,410, down 1.8 percent from August and up 7.5 percent from September 2016, CAR said.
Statewide, active listings continued to decline in September, dropping 11.2 percent from a year ago, according to CAR.
Mortgage rates declined further in September as 30-year, fixed-mortgage interest rates averaged 3.81 percent in September, down from 3.88 percent in August but was up from 3.46 percent in September 2016, according to Freddie Mac.
The five-year, adjustable-rate mortgage interest rate edged up in September to an average of 3.16 percent from 3.15 percent in August but was up from 2.74 percent in September 2016.
LAKE COUNTY NUMBERS AT A GLANCE
September 2017
Median price: $234,250
Median days to sell: 47
Units sold: 86
August 2017
Median price: $239,000
Median days to sell: 24
Units sold: 95
September 2016
Median price: $235,000
Median days to sell: 91
Units sold: 61