The median home price in California in May notched the biggest year-over-year increase in 30 years, up 31.9 percent to $417,350 from $316,460, according to the California Association of Realtors (CAR). The last time the sunshine state’s median home price increased with similar momentum was in February of 1980 when prices soared 29.1 percent to $94,489 from $75,520 in February the year prior.
Likely catalysts for last month’s increase are fewer sales of distressed properties and higher transactions dealing with more expensive homes, says Leslie Appleton-Young, CAR associate vice president and chief economist.
“We’ve had a big drop off in distressed property sales and with the price appreciation you have home sellers coming off the fence and listing (homes). Demand is incredibility strong,” Appleton-Young recently told the Los Angeles Daily Sun.
Appleton-Young also noted that home buyers are making larger down payments and benefitting from stable loan products.
“While home prices are increasing at levels above those observed in 2006-2007, the fundamentals of the housing market are much more solid than what we experienced a few years ago,” Appleton-Young continued.
With interest rates near record lows and the housing market signaling a broader economic rebound, companies like Loans4Less.com, a California-based online brokerage firm focused on standard “A” paper loans, are experiencing first-hand the “solid” fundamentals and subsequent uptick in confidence in the housing market.
Recently ranked 66th out of 200 top residential mortgage loan originators in the United States, Loans4Less.com has positioned itself as a debt-free, fully sustainable small business seeking out select avenues to saturate the market in California while seeking opportunities to expand service in more states.
While the housing market is showing signs of stabilization, potential homebuyers are moving forward, albeit with caution. As the market continues to rebound, Loans4Less.com offers potential homebuyers a wide range of online resources, such as mortgage calculators, service partners, organizational tools, industry news, and even a searchable glossary where potential buyers can familiarize themselves with mortgage lingo.
For more information, visit www.loans4less.com
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