Open Sunday 6/10/12 2-5pm
Sunday, June 10, 2012
The Advantages of Preapproval
By VICKIE ELMER
WITH the housing market warming up in many areas, and multiple offers becoming more commonplace, buyers who want an advantage in the bidding process will need more than a mortgage prequalification. They will need a preapproval.
The difference is significant. Prequalifying for a mortgage is based solely on what you disclose to the loan officer or broker about your earnings, credit score and total assets, including what is available for a down payment.
“It’s verbal — it doesn’t really mean anything,” beyond providing some basic guidance on the range of prices you may be able to afford, said Kevin Chittenden, a vice president and regional sales manager in Paramus, N.J., for Wells Fargo Home Mortgage.
A preapproval, by contrast, requires borrowers to provide documentation of their income and their assets.
The lender typically pulls your credit report and score, and you should gather together almost everything you will need for the actual mortgage underwriting: W-2 wage statements; 1099s, which show things like dividends and interest income; recent pay stubs; bank statements; and statements from Individual Retirement Accounts and 401(k)sand other assets that could show you have the resources to buy and maintain a home.
At Wells Fargo, one of the country’s largest mortgage lenders, the first quick review provided by an underwriter constitutes an agreement to lend. “It’s a real commitment, a commitment to lend,” Mr. Chittenden said.
Other lenders may treat preapprovals as more of an opinion on the person’s ability to borrow, not a guarantee to lend, said Jack Guttentag, who runs the Mortgage Professor Web site. Generally, borrowers need to have chosen a property and have it appraised before they can expect a firm commitment from a lender, he said.
Still, a preapproval is more important now, with so many more homes receiving multiple bids, and because the housing market in many parts of the New York region has been getting stronger.
“Preapproval carries more weight when you go to negotiate a deal,” said Ray Mignone, a certified financial planner in Little Neck, Queens. “It gives them bargaining power.”
Borrowers should ask the lender to provide a good-faith estimate on closing costs and fees along with the preapproval. Many will provide this only once you have a home under contract, but some will give you an estimate of those costs, said Sofi Cordero, a senior housing counselor with La Casa De Don Pedro, which works on affordable housing and neighborhood development in Newark.
The preapproval letter should include the amount a borrower is qualified to borrow, as well as the loan officer’s contact information. Some letters may have an estimated monthly payment. But details about the loan type and interest rate will not be included; those are filled in when you are ready to receive the loan, experts say.
Timing is important. Buyers should aim for obtaining a preapproval letter from a lender within 30 to 60 days of the expected purchase date, Ms. Cordero said. That is because some letters expire in 90 days or so. (Wells Fargo’s, for instance, last for 120 days.)
Your income and bank statements may also need to be updated if it has been a few months between preapproval and the signed contract for buying, Mr. Chittenden said.
Wells Fargo charges would-be borrowers $18 for the credit report for a preapproval; the other costs of the mortgage start once you have a purchase agreement, he said.
Other lenders may waive the preapproval and application fees because they want to sign you on as a customer, Ms. Cordero noted, adding that if you find another lender with better terms, you are under no obligation to use the lender that provided the preapproval.
Thursday, May 24, 2012
Tuesday, January 24, 2012
Here's an article discussing the mortgage rates in comparison to last year
Mortgage rates continue to hover near record lows
Jan 19 2012 6:47PM
Results from Freddie Mac's Primary Mortgage Market Survey for the week ending January 19 shows that average mortgage rates remained near rates from the previous week and continue to offer homebuyers high affordability.
According to the survey, 30-year fixed rate mortgages averaged 3.88 percent and reached a new record low, beating the mark set the previous week when rates averaged 3.89 percent. This time a year ago, the 30-year FRM averaged 4.74 percent.
The 15-year FRM averaged 3.17 percent, slightly higher than the previous week when it averaged 3.16 percent. Despite the small increase, the rate is still significantly lower than the this time in 2011 when the 15-year FRM average was 4.05 percent.
Additionally, 5-year adjustable-rate mortgage averaged 2.82 percent, the same from the previous week and much lower than this time last year when they averaged 3.69 percent.
"Mortgage rates were nearly unchanged this holiday week in lieu of a mixed bag of economic data reports," said Frank Nothaft, vice president and chief economist of Freddie Mac.
A recent surge in mortgage applications shows that buyers are continuing to take advantage of low mortgage rates and home prices, while refinancing also remains popular for homeowners.
Jan 19 2012 6:47PM
Results from Freddie Mac's Primary Mortgage Market Survey for the week ending January 19 shows that average mortgage rates remained near rates from the previous week and continue to offer homebuyers high affordability.
According to the survey, 30-year fixed rate mortgages averaged 3.88 percent and reached a new record low, beating the mark set the previous week when rates averaged 3.89 percent. This time a year ago, the 30-year FRM averaged 4.74 percent.
The 15-year FRM averaged 3.17 percent, slightly higher than the previous week when it averaged 3.16 percent. Despite the small increase, the rate is still significantly lower than the this time in 2011 when the 15-year FRM average was 4.05 percent.
Additionally, 5-year adjustable-rate mortgage averaged 2.82 percent, the same from the previous week and much lower than this time last year when they averaged 3.69 percent.
"Mortgage rates were nearly unchanged this holiday week in lieu of a mixed bag of economic data reports," said Frank Nothaft, vice president and chief economist of Freddie Mac.
A recent surge in mortgage applications shows that buyers are continuing to take advantage of low mortgage rates and home prices, while refinancing also remains popular for homeowners.
Thursday, September 22, 2011
Dodd-Frank Act forcing further consumer protection from early payments!
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Mortgage Safeguards Coming in 2012
By Carter Dougherty - Sep 20, 2011
The Consumer Financial Protection Bureau will complete work on a rule aimed at ensuring borrowers have the ability to repay their mortgages early by next year, according to Raj Date, the former banker running the new agency.
“We plan to issue a final rule early next year in order to provide clarity to the market as quickly as we can, without sacrificing the quality of our analysis,” Date said today at a Washington conference sponsored by American Banker, a print and online publication covering the financial-services industry.
The rule, required under the Dodd-Frank Act, was issued by the Federal Reserve in April and has been taken over by the consumer bureau, which began work in July. The measure includes underwriting standards aimed at preventing abusive lending practices that lawmakers and regulators say led to record foreclosures in the wake of the 2008 credit crisis.
Date is a former executive with Capital One Financial Corp. (COF) and Deutsche Bank AG (DBK) who joined the consumer bureau in February as associate director for research, markets and regulation. He took over as special adviser to the Treasury secretary overseeing the agency on Aug. 1 after Harvard University law professor Elizabeth Warren stepped down.
Richard Cordray, the former Ohio attorney general serving as the consumer bureau’s enforcement chief, is awaiting Senate confirmation to become its first director.
Mortgage Safeguards Coming in 2012
By Carter Dougherty - Sep 20, 2011
The Consumer Financial Protection Bureau will complete work on a rule aimed at ensuring borrowers have the ability to repay their mortgages early by next year, according to Raj Date, the former banker running the new agency.
“We plan to issue a final rule early next year in order to provide clarity to the market as quickly as we can, without sacrificing the quality of our analysis,” Date said today at a Washington conference sponsored by American Banker, a print and online publication covering the financial-services industry.
The rule, required under the Dodd-Frank Act, was issued by the Federal Reserve in April and has been taken over by the consumer bureau, which began work in July. The measure includes underwriting standards aimed at preventing abusive lending practices that lawmakers and regulators say led to record foreclosures in the wake of the 2008 credit crisis.
Date is a former executive with Capital One Financial Corp. (COF) and Deutsche Bank AG (DBK) who joined the consumer bureau in February as associate director for research, markets and regulation. He took over as special adviser to the Treasury secretary overseeing the agency on Aug. 1 after Harvard University law professor Elizabeth Warren stepped down.
Richard Cordray, the former Ohio attorney general serving as the consumer bureau’s enforcement chief, is awaiting Senate confirmation to become its first director.
Tuesday, July 19, 2011
June sales and price report
For release:
July 14, 2011
June California home sales, median price post increase, C.A.R. reports
LOS ANGELES (July 14) – California home sales edged up in June, and the median price rose to its highest level since December 2010, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) reported today.
Closed escrow sales of existing, single-family detached homes in California rose 1.2 percent to a seasonally adjusted 477,710 units in June, according to information collected by C.A.R. from more than 90 local REALTOR® associations and MLSs statewide. June home sales were down 3.6 percent from the 495,780 units sold in June 2010. The statewide sales figure represents what would be the total number of homes sold during 2011 if sales maintained the June pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.
“As the housing market tries to gain a more solid footing, the decrease in conforming loan limits that is scheduled for later this year could adversely affect the market,” said C.A.R. President Beth L. Peerce. “Potential buyers – especially trade-up buyers – who are looking for a home in the $500,000 to $1 million price range will, no doubt, face higher mortgage rates, larger down payment requirements, and stricter underwriting standards. “Would-be buyers on the fence need to act well before Sept. 30, when the conforming loan limit is set to be lowered, to avoid a higher cost of homeownership.”
The statewide median price of an existing, single-family detached home sold in California rose 1.0 percent in June to $295,300 from a revised $292,420 in May. June’s median price was down 5.9 percent from the $313,890 recorded in June 2010.
“Looking across the state, a number of areas are showing signs of strength, especially in the San Francisco Bay Area, primarily because of the strong performing tech industry,” said C.A.R. Vice President and Chief Economist Leslie Appleton-Young. “Alameda, Contra Costa, Marin, San Francisco, and Santa Clara counties all posted solid sales and price gains from May levels.”
Other highlights of C.A.R.’s resale housing report for June 2011 include:
Leading the way...® in California real estate for more than 100 years, the CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org) is one of the largest state trade organizations in the United States, with more than 160,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.
# # #
June 2011 County Sales And Price Activity - Existing Single-Family Detached Homes
* Los Angeles Metropolitan Area is a 5-county region that includes Los Angeles County, Orange County, Riverside County, San Bernardino County, and Ventura County
* S.F. Bay Area has been redefined to include the following counties: Alameda, Contra Costa, Marin, Napa, San Francisco, San Mateo, Santa Clara, Solano, and Sonoma
* Inland Empire includes Riverside County and San Bernardino County
Regional/County sales data and condo sales data not seasonally adjusted.
The MLS median price and sales data for detached homes are generated from a survey of more than 90 associations of REALTORS® and MLSs throughout the state, representing 90 percent of the market. County sales data are not adjusted to account for seasonal factors that can influence home sales. MLS median price and sales data for condominiums are based on a survey of more than 60 associations. The median price for both detached homes an condominiums represents closed escrows. Movements in sales prices should not be interpreted as changes in the cost of a standard home. Median prices can be influenced by changes in cost and in the characteristics and size of homes sold. Due to low sales volume in some areas, median price changes may exhibit unusual fluctuation. C.A.R.’s data has been standardized to reflect county-level statistics.
July 14, 2011
June California home sales, median price post increase, C.A.R. reports
LOS ANGELES (July 14) – California home sales edged up in June, and the median price rose to its highest level since December 2010, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) reported today.
Closed escrow sales of existing, single-family detached homes in California rose 1.2 percent to a seasonally adjusted 477,710 units in June, according to information collected by C.A.R. from more than 90 local REALTOR® associations and MLSs statewide. June home sales were down 3.6 percent from the 495,780 units sold in June 2010. The statewide sales figure represents what would be the total number of homes sold during 2011 if sales maintained the June pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.
“As the housing market tries to gain a more solid footing, the decrease in conforming loan limits that is scheduled for later this year could adversely affect the market,” said C.A.R. President Beth L. Peerce. “Potential buyers – especially trade-up buyers – who are looking for a home in the $500,000 to $1 million price range will, no doubt, face higher mortgage rates, larger down payment requirements, and stricter underwriting standards. “Would-be buyers on the fence need to act well before Sept. 30, when the conforming loan limit is set to be lowered, to avoid a higher cost of homeownership.”
The statewide median price of an existing, single-family detached home sold in California rose 1.0 percent in June to $295,300 from a revised $292,420 in May. June’s median price was down 5.9 percent from the $313,890 recorded in June 2010.
“Looking across the state, a number of areas are showing signs of strength, especially in the San Francisco Bay Area, primarily because of the strong performing tech industry,” said C.A.R. Vice President and Chief Economist Leslie Appleton-Young. “Alameda, Contra Costa, Marin, San Francisco, and Santa Clara counties all posted solid sales and price gains from May levels.”
Other highlights of C.A.R.’s resale housing report for June 2011 include:
- The Unsold Inventory Index for existing, single-family detached homes was 5.0 months in June, down from 5.5 months in May, but up compared with June 2010’s 4.6-month supply. The index indicates the number of months needed to deplete the supply of homes on the market at the current sales rate.
- Thirty-year fixed-mortgage interest rates averaged 4.51 percent during June 2011, down from 4.74 percent in June 2010, according to Freddie Mac. Adjustable-mortgage interest rates averaged 3.0 percent in June 2011, compared with 3.86 percent in June 2010.
- The median number of days it took to sell a single-family home was 50.3 days in June 2011, compared with 41.5 days for the same period a year ago.
- View Unsold Inventory by price point.
Leading the way...® in California real estate for more than 100 years, the CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org) is one of the largest state trade organizations in the United States, with more than 160,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.
# # #
June 2011 County Sales And Price Activity - Existing Single-Family Detached Homes
June-11 | Median Price of Existing Single-Family Homes | Sales | |||||||
State/Region/County | Jun-11 | May-11 | Jun-10 | MTM% Chg | YTY% Chg | MTM% Chg | YTY% Chg | ||
CA SFH (SAAR) | $295,300 | $292,420 | r | $313,890 | r | 1.0% | -5.9% | 1.2% | -3.6% |
CA Condo/Townhomes | $236,190 | $234,640 | r | $260,870 | r | 0.7% | -9.5% | 7.0% | -7.3% |
Los Angeles Metropolitan Area | $276,230 | $276,680 | r | $292,700 | -0.2% | -5.6% | 6.5% | -8.5% | |
Inland Empire | $172,800 | $172,110 | $185,130 | r | 0.4% | -6.7% | 9.9% | -4.4% | |
S.F. Bay Area | $539,880 | $512,420 | $553,360 | r | 5.4% | -2.4% | 15.3% | -0.2% | |
S.F. Bay Area | |||||||||
Alameda | $485,870 | $465,550 | $519,280 | 4.4% | -6.4% | 15.2% | -5.0% | ||
Contra-Costa (Central County) | $658,700 | $602,860 | $658,420 | 9.3% | 0.0% | 11.6% | 8.5% | ||
Marin | $843,080 | $807,140 | $840,690 | 4.5% | 0.3% | 25.0% | -0.9% | ||
Napa | $350,000 | $377,270 | $390,320 | -7.2% | -10.3% | -7.6% | -10.7% | ||
San Francisco | $695,910 | $641,670 | $740,690 | 8.5% | -6.0% | 8.8% | 0.7% | ||
San Mateo | $750,000 | $810,000 | $793,000 | -7.4% | -5.4% | 12.9% | 5.0% | ||
Santa Clara | $635,000 | $600,000 | $633,000 | 5.8% | 0.3% | 15.1% | 0.8% | ||
Solano | $189,790 | $191,850 | $212,830 | -1.1% | -10.8% | 17.8% | -6.2% | ||
Sonoma | $327,430 | $353,750 | $366,390 | -7.4% | -10.6% | 28.3% | 1.8% | ||
Southern California | |||||||||
Los Angeles | $301,300 | $271,540 | r | $313,420 | r | 11.0% | -3.9% | 2.4% | -11.6% |
Orange County | $534,680 | $544,700 | $566,090 | r | -1.8% | -5.5% | 7.6% | -12.8% | |
Riverside County | $202,910 | $200,000 | $214,330 | r | 1.5% | -5.3% | 9.2% | -1.7% | |
San Bernardino | $129,570 | $127,380 | $141,900 | r | 1.7% | -8.7% | 11.3% | -8.8% | |
San Diego | $377,550 | $382,300 | $397,910 | -1.2% | -5.1% | 7.3% | -3.0% | ||
Ventura | $443,290 | $425,000 | $450,930 | 4.3% | -1.7% | 11.1% | -0.6% | ||
Central Coast | |||||||||
Monterey | $287,500 | $251,000 | $274,000 | 14.5% | 4.9% | 4.5% | -16.5% | ||
San Luis Obispo | $364,750 | $381,450 | $445,000 | r | -4.4% | -18.0% | 12.2% | 12.2% | |
Santa Barbara | $421,430 | $426,320 | $475,000 | r | -1.1% | -11.3% | 1.5% | 1.5% | |
Santa Cruz | $540,000 | $437,500 | $507,500 | 23.4% | 6.4% | 21.9% | 9.2% | ||
Central Valley | |||||||||
Fresno | $138,040 | $140,840 | $161,180 | -2.0% | -14.4% | 16.2% | 1.6% | ||
Kern (Bakersfield) | $139,900 | $135,000 | r | $135,000 | 3.6% | 3.6% | -1.3% | -14.2% | |
Kings County | $154,000 | $137,690 | $175,000 | 11.8% | -12.0% | 12.0% | 20.0% | ||
Madera | $122,000 | $116,670 | r | $135,550 | 4.6% | -10.0% | -2.4% | -51.2% | |
Merced | $114,210 | $111,850 | r | $119,130 | r | 2.1% | -4.1% | -6.5% | -29.1% |
Placer County | $266,560 | $258,120 | $286,630 | 3.3% | -7.0% | 1.5% | -4.4% | ||
Sacramento | $165,850 | $168,200 | $196,220 | -1.4% | -15.5% | 4.8% | -2.5% | ||
San Benito | $249,000 | $280,000 | $315,000 | -11.1% | -21.0% | -23.7% | -26.2% | ||
Tulare | $121,520 | $117,970 | $140,890 | 3.0% | -13.7% | -5.6% | 12.2% | ||
Other Counties in California | |||||||||
Amador | $152,500 | $171,250 | r | $188,000 | -10.9% | -18.9% | -4.9% | 21.9% | |
Butte County | $221,050 | $222,620 | $230,360 | -0.7% | -4.0% | 19.0% | -12.3% | ||
Humboldt | $243,750 | $250,000 | $242,860 | -2.5% | 0.4% | 53.4% | 1.1% | ||
Lake County | $85,620 | $105,560 | $146,430 | r | -18.9% | -41.5% | 2.5% | -16.5% | |
Tuolumne | $166,000 | $181,430 | $202,940 | -8.5% | -18.2% | 22.6% | 20.4% | ||
Mendocino | $181,430 | $281,250 | $257,140 | -35.5% | -29.4% | 18.2% | 8.3% | ||
Shasta | $156,840 | $151,110 | $190,330 | 3.8% | -17.6% | 7.6% | 19.6% | ||
Siskiyou County | $140,000 | $85,000 | $170,000 | 64.7% | -17.6% | 7.1% | -30.2% | ||
Tehama | $87,500 | $117,500 | $140,000 | -25.5% | -37.5% | 7.1% | -2.2% | ||
June-11 | Unsold Inventory Index | Median Time on Market | ||||||||
State/Region/County | Jun-11 | May-11 | Jun-10 | Jun-11 | May-11 | Jun-10 | ||||
CA SFH (SAAR) | 5.0 | 5.5 | r | 4.6 | r | 50.3 | 51.9 | r | 41.5 | r |
CA Condo/Townhomes | 5.2 | 6.0 | r | 5.2 | r | 57.4 | 57.9 | r | 47.5 | r |
Greater Los Angeles Area | 5.4 | 6.0 | 4.4 | 54.4 | 55.6 | 39.2 | ||||
Inland Empire | 4.6 | 5.2 | 4.0 | r | 47.3 | 51.5 | 34.2 | r | ||
S.F. Bay Area | 4.3 | 5.0 | 4.4 | r | 49.9 | 51.9 | 48.8 | r | ||
S.F. Bay Area | ||||||||||
Alameda | 4.0 | 4.8 | 3.7 | 65.3 | 69.4 | 68.6 | ||||
Contra-Costa (Central County) | 4.3 | 4.9 | 4.5 | 77.4 | 78.3 | 72.5 | ||||
Marin | 5.1 | 6.5 | 5.7 | 52.5 | 55.4 | 56.3 | ||||
Napa | 7.8 | 7.3 | 7.8 | 57.7 | 57.4 | 63.1 | ||||
San Francisco | 4.8 | 5.2 | 5.3 | 45.5 | 47.0 | 43.1 | ||||
San Mateo | 3.7 | 4.1 | 4.1 | 26.0 | 24.6 | 25.7 | ||||
Santa Clara | 3.3 | 3.9 | 3.7 | 24.5 | 26.0 | 23.2 | ||||
Solano | 4.5 | 5.5 | 3.7 | 48.3 | 53.6 | 47.3 | ||||
Sonoma | 5.9 | 7.4 | 5.7 | 62.9 | 65.1 | 62.5 | ||||
Southern California | ||||||||||
Los Angeles | 5.4 | 6.0 | r | 4.6 | 52.7 | 51.9 | 40.4 | r | ||
Orange County | 6.6 | 7.1 | 6.1 | 75.0 | 70.1 | 64.2 | r | |||
Riverside County | 4.3 | 4.9 | 3.8 | 53.4 | 57.8 | 44.6 | ||||
San Bernardino | 4.9 | 5.5 | 4.3 | 46.6 | 50.4 | 31.1 | ||||
San Diego | 6.4 | 6.8 | 6.1 | 50.7 | 49.7 | 41.5 | ||||
Ventura | 6.6 | 7.5 | 4.4 | 62.2 | 77.6 | 55.8 | ||||
Central Coast | ||||||||||
Monterey | 5.5 | 5.6 | 5.1 | 32.3 | 39.8 | 26.4 | ||||
San Luis Obispo | 6.2 | 6.8 | 7.6 | 59.7 | 59.6 | 49.9 | ||||
Santa Barbara | 6.9 | 7.0 | 6.9 | r | 56.3 | 99.8 | 63.2 | r | ||
Santa Cruz | 5.4 | 6.8 | 6.5 | 41.0 | 39.1 | 29.4 | ||||
Central Valley | ||||||||||
Fresno | 5.0 | 4.8 | N/A | 39.7 | 39.6 | 32.1 | ||||
Kern (Bakersfield) | 4.3 | 4.0 | r | 3.4 | NA | NA | NA | |||
Kings County | 4.7 | 5.3 | 4.9 | 45.5 | 37.0 | 34.1 | ||||
Madera | 4.7 | 4.9 | r | 6.5 | 57.1 | 44.2 | r | 36.8 | ||
Merced | 4.2 | 4.1 | r | 3.1 | 40.9 | 32.9 | r | 23.8 | ||
Placer County | NA | N/A | N/A | NA | NA | NA | ||||
Sacramento | 2.4 | 2.5 | 2.5 | 35.1 | 40.9 | 28.7 | ||||
San Benito | 5.8 | 4.2 | 3.9 | 47.3 | 33.9 | 29.5 | ||||
Tulare | 5.0 | 4.6 | 5.7 | 34.3 | 39.9 | 25.5 | ||||
Other Counties in California | ||||||||||
Amador | 8.2 | 8.0 | r | 12.6 | 55.2 | 46.7 | r | 121.0 | ||
Butte County | 6.7 | 8.2 | 6.0 | 45.5 | 50.3 | 45.1 | ||||
Humboldt | 8.0 | 12.2 | 8.3 | 46.4 | 47.6 | 35.5 | ||||
Lake County | 7.5 | 7.7 | 6.3 | 92.0 | 88.7 | 82.8 | ||||
Tuolumne | 8.9 | 10.7 | 12.5 | 47.0 | 78.7 | 79.9 | ||||
Mendocino | 10.5 | 12.6 | 13.1 | 63.1 | 93.4 | 80.3 | ||||
Shasta | 5.5 | 6.1 | 8.2 | 41.2 | 44.4 | 45.9 | ||||
Siskiyou County | N/A | N/A | N/A | NA | NA | NA | ||||
Tehama | 7.4 | 7.9 | 7.3 | 50.8 | 52.8 | 44.2 | ||||
* S.F. Bay Area has been redefined to include the following counties: Alameda, Contra Costa, Marin, Napa, San Francisco, San Mateo, Santa Clara, Solano, and Sonoma
* Inland Empire includes Riverside County and San Bernardino County
Regional/County sales data and condo sales data not seasonally adjusted.
The MLS median price and sales data for detached homes are generated from a survey of more than 90 associations of REALTORS® and MLSs throughout the state, representing 90 percent of the market. County sales data are not adjusted to account for seasonal factors that can influence home sales. MLS median price and sales data for condominiums are based on a survey of more than 60 associations. The median price for both detached homes an condominiums represents closed escrows. Movements in sales prices should not be interpreted as changes in the cost of a standard home. Median prices can be influenced by changes in cost and in the characteristics and size of homes sold. Due to low sales volume in some areas, median price changes may exhibit unusual fluctuation. C.A.R.’s data has been standardized to reflect county-level statistics.
| find the article at: | "http://www.car.org/newsstand/newsreleases/junesalesprice/" |
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