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Report: Real estate sales rebound in April
LAKE COUNTY, Calif. – April home sales in Lake County in April showed gains in terms of volume and price, according to a new report.
The Lake County Association of Realtors, or LCAOR, reported that the median sales price and the number of sales in April exceeded the March sales numbers.
The April median sales price was $235,000, which is the highest monthly median sales price since November 2016 when LCAOR reported a median of $255,000.
The 81 sales reported in April was the highest number of monthly sales since August of 2016 when 100 sales were recorded.
The April median sales price was 11.9 percent higher than the March 2017 median price of $210,000, and the 81 sales in April was 14.1 percent higher than the 71 sales in March.
On a year-over-year basis, April 2017 sales were 28.6 percent higher than the 63 sales in April 2016, the report showed. The April median price was 3.3 percent higher than the April 2016 median of $227,500.
“After a relatively slow start to 2017 activity is on the upswing,” said LCAOR President Bobby Dutcher. “Preliminary numbers in May are looking strong and we expect a lot of activity in June when LCAOR will be holding our countywide Open House Extravaganza.”
The extravaganza will take place on June 10. Dutcher encouraged prospective buyers will want to check www.lcaor.com to see what houses will be featured on that day.
LCAOR said financing mixes remained relatively the same from March to April, with conventional and FHA loans being used in 53 percent of the transactions and cash only financing being used on 26 percent of the deals.
Inventory levels remained below normal at 4.7 months of inventory. The normal level is considered to be 6.0 months of inventory, LCAOR said.
The California Association of Realtors, or CAR, reported that statewide sales in April totaled 406,300, down 2.4 percent from March and down 1.6 percent from April 2016.
However, California’s median home price in April was $536,750, up 3.7 percent from March and up 5.4 percent from April 2016. The April median was the highest statewide median since August of 2007.
Mortgage rates have fallen since early this year. The 30-year, fixed-mortgage interest rate averaged 4.05 percent in April, down from 4.20 percent in March but up from 3.69 percent in April 2016, according to Freddie Mac, CAR said.
The five-year, adjustable-rate mortgage interest rates dipped in April to an average of 3.15 percent, from 3.21 percent in March but was up from 2.90 percent in April 2016, according to the CAR report.
LAKE COUNTY NUMBERS AT A GLANCE
April 2017
Median price: $235,000
Median days to sell: 57
Units sold: 81
March 2017
Median price: $210,000
Median days to sell: 57
Units sold: 71
April 2016
Median price: $227,500
Median days to sell: 60
Units sold: 63
Email Elizabeth Larson at This email address is being protected from spambots. You need JavaScript enabled to view it. . Follow her on Twitter, @ERLarson, or Lake County News, @LakeCoNews.