CA July / Late Summer 2019 Sales and Price Report Update.

FALL 2019: INTEREST RATE, HOME PRICE & MARKET TRENDS UPDATE

Rates from early Spring into September 2019 have come down since the earlier highest at the end of 2018 with 15 years as low as 3.47% as recently as September 3, 2019.  The Federal Reserve is expected to cut prime lending rates further in September 2019 and going into next year which may fuel increased demand for mortgages and future increased prices.

MARKET UPDATE NOTE:  August 2019 -- Rates on 30 year mortgages are potentially as low as 3.60%.   Wow.  What a shift.   Recall that as of Dec. 23, 2018, the interest rate for a 30-year fixed mortgage had jumped to 4.72, up from 4.55 percent in May 2018, and the highest since May 2011 (source: FreddieMac).   Its also worth noting that the volume of Westside Los Angeles home units sold declined sightly in the fourth quarter of 2018 by about 7% and has continued declining into 2019.   Inventory holding periods are lengthening also.  Days on market for single family has increased to a national mean of between 45 to 57 days for Westside Los Angeles homes as of August 2019, a shift from  35 to 40 days on market back in May 2018.