The National Association of Realtors released their latest Existing Home Sales Report, and it was all good news! As your Lake Nacimiento real estate agent, I feel like I need to tell you that if you’ve been waiting to buy a Central California home, or to sell your Central California home, now is the time to do it.
Here’s a summary of what came out of the report:
1. Existing-home sales rose 1.3 percent from March to April. This was the first rise of the year, so that is great news! This is a sign that the Central California real estate market is picking up, and that Lake Nacimiento homebuyers are ready to buy. Sales of new homes rose as well.
2. Home prices increased 5.2 percent from March to April. The median home price is up 8.6 percent from last year at this time! That is excellent news for Central California home sellers who have been waiting for home values to return. They are expected to continue appreciating, but at a slower pace.
3. Housing inventory is up 6.5 percent. The market has been lagging because of low inventory during the beginning part of this year, which caused home sales to remain low. But now inventory is picking up! This is great news for buyers. Sellers shouldn’t wait, as competition is increasing.
4. Distressed sales are down. Distressed homes accounted for 15 percent of all sales in April. Last year, they were 18 percent. This includes foreclosures, which is a sign that the housing market is recovering and moving in the right direction.
All of this news is positive news for the Central California real estate market. It all shows that the market is improving and that buyers and sellers are ready to act on the American Dream this summer.
Buyers have more home-buying options with increased inventory, and with mortgage rates at a six-month low, acting now is a smart choice! Sellers are selling at a higher price and at a quicker speed, thanks to increased home values and sales.
If you’re ready to act, don’t wait! With increased activity comes increased competition from buyers and sellers. Contact me, your Lake Nacimiento real estate agent. We can together work toward achieving your American Dream of homeownership.
From Grace Borzini
grace@oakshoresrealty.com