The Latest Housing Market Updates

Regardless of whether you plan to put your home on the market earlier or later in the year, staying updated on the housing market situation is one of the most important ways to give yourself an advantage.

The information below is from the California Association of Realtors’ Monthly Sales and Price Statistics, and reflects the latest trends in the housing market as of January 2016:

  • There were 383,670 existing single-family home sales in January, an 5.4% decrease from December 2015
  • The statewide median home price was $468,330, a decrease of 4.3% from December
  • Increased year-over-year sales in California’s major regions
  • The median number of days it took to sell a single-family home increased to 44.5 days from 39.5 days in December
  • The average price per square foot for an existing single-family home was $227, a decrease from December’s $230
  • 30-year fixed mortgage rates decreased to 3.87 from 3.96 in December, while adjustable mortgage rates also dropped from a December 3.04 average to 2.98
For more information, take a look at this handy infographic from CAR:

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